PA Media/DPA
London
Liberty Media president and chief executive Greg Maffei will step down from his roles at the end of 2024.
The American corporation, who took control of Formula One in 2017, announced on Wednesday that Maffei will step down following the expiration of his contract at the end of the year.
Chairman John Malone will become interim CEO, while Maffei will serve as a senior adviser from January 1, 2025 to “support the management transition”.
Maffei said in a statement published on the Liberty Media website on Wednesday: “The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful.
“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.”
Malone added: “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.
“I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an adviser.”
