Liberty Media, the owner of Formula 1, has announced that CEO Greg Maffei will step down after 2024. The 64-year-old Maffei has been at the helm of the American media giant since 2006, but after nearly two decades, he has chosen not to renew his contract. This is a significant change for Liberty Media, which has had a major influence on the growth and modernization of Formula 1 in recent years. Chairman John Malone will temporarily assume the role of CEO.
Greg Maffei played a crucial role in the acquisition of Formula 1 in 2017. Under his leadership, the premier class became the fastest-growing sport in the world. The most significant change was the shift towards modern and digital entertainment, which led to increasing popularity. This includes documentary series such as Drive to Survive, as well as a renewed focus on social media.
Liberty Media Chairman John Malone will temporarily take on the role of CEO. At the same time, Greg Maffei will remain as an advisor. In an official press release, Malone expresses his appreciation for Maffei’s commitment and creativity. “Greg (Maffei) has made a tremendous contribution to the evolution of Liberty Media. Under his leadership, the company has significantly increased its value,” Malone said. Maffei also looks back positively on his time at Liberty Media. “The past twenty years have been incredibly valuable,” the American responded.
