Liberty Media, the owners of Formula One, announced on Wednesday morning that their President and Chief Executive Officer, Greg Maffei, will step down at the end of the year. Chairman of Liberty Media John Malone will assume the role of interim CEO.
Speaking about the news, Mr Malone said:
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.”
Greg Maffei commented on today’s announcement saying:
“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,” said Mr. Maffei. “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.”
The news comes just one day after the FIA announced that Formula One race director Niels Wittich had left the role.