F1 Owner Liberty Media Confirms Greg Maffei Replacement As New CEO Announced

Liberty Media has named Derek Chang, a seasoned media and sports executive, as its new CEO starting February 2025, succeeding Greg Maffei.

Elon Musk, Stefano Domenicali, CEO of the Formula One Group, and Greg Maffei, CEO of Liberty Media talk in the Red Bull Racing garage during final practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida. (Photo by Mark Thompson/Getty Images) / Red Bull Content Poo

Liberty Media recently announced a leadership change, naming Derek Chang as the new President and CEO. Chang is set to replace Greg Maffei, who stepped down at the end of last year.

It was confirmed in November 2024 that Maffei would be stepping down from the role as Liberty Media CEO at the end of the year. After being in the role for almost 20 years, Maffei commented on his shock departure at the time:

“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.”

Derek Chang comes with a strong background in media, sports, and entertainment. He has previously worked with EverPass Media, where he was involved in distributing major sports events such as the NFL and Premier League.

His experience includes high-profile roles at DIRECTV and NBA China. There, he managed the expansion of the NBA's presence across China, running offices in major metropolitan areas such as Shanghai and Beijing.

Furthermore, Chang has been associated with Liberty Media as a board member since 2021, providing him a deep understanding of its operations and strategic goals.

Chang's official start as President and CEO will be at the beginning of February 2025. In the interim, Liberty Media's chairman, John Malone, is assuming the CEO responsibilities. This follows Greg Maffei's departure, who concluded his tenure at the end of 2024.

Derek Chang commented on his upcoming role, as quoted by Autosport:

“I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners.

“Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.

“Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward.”

John Malone also shared his excitement about Chang's appointment, stating: 

“I am thrilled to welcome Derek as the CEO of Liberty Media.

“His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.

“Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value.”

Liberty Media's executive team will see Chang joining the executive committee, working closely with Malone and other prominent figures such as Dob Bennett and Chase Carey.

As part of the new organizational structure, current Formula 1 President and CEO Stefano Domenicali will report to Chang, Chase Carey, and Dob Bennett.