F1 Owner Liberty Media CEO To Leave Role Imminently

Liberty Media CEO Greg Maffei is set to step down by the end of 2024, with Chairman John Malone taking over as interim CEO.

Oct 20, 2024; Austin, Texas, USA; BWT Alpine F1 Team driver Esteban Ocon (31) of Team France spins out on turn one during the 2024 Formula One US Grand Prix at Circuit of the Americas. Mandatory Credit: Jerome Miron-Imagn Images / Jerome Miron-Imagn Images

Liberty Media is experiencing a significant change in leadership as Greg Maffei, the company's long-serving President and CEO, announced he will step down from his role by the end of 2024. Maffei's decision not to renew his expiring contract marks the conclusion of nearly two decades at the helm of the diversified conglomerate known for its interests in media, entertainment, and telecommunications.

Maffei joined Liberty Media in 2005 and took over as CEO in February 2006, bringing a seasoned approach to corporate strategy and management. Under his leadership, Liberty Media made several acquisitions that have elevated its stature in the global entertainment industry. The acquisition of Formula 1 in 2017 transformed the sport into a major entertainment phenomenon, significantly boosting its global outreach and viewer engagement.

Reflecting on his tenure, Maffei stated, as reported by Motorsport:

“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful. Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.

"The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time. I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”

Taking over as interim CEO will be Liberty Media's Chairman, John Malone, whose deep-rooted expertise in the media and cable industries offers stability during this transition. Malone commented:

 "On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication. Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty. He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.

"Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”

One of Maffei's most significant achievements was his role in elevating Formula 1 to new heights. The sport saw substantial changes, from an expanded racing calendar to increased global engagement, partly fueled by the success of the Netflix series "Drive to Survive."