Method 1 proprietor Liberty Media has introduced its president and CEO Greg Maffei will go away his function by the tip of 2024.
Maffei, who joined the American funding agency in 2005 and have become its CEO in February 2006, will depart Liberty Media after opting to not renew his expiring contract.
Maffei will likely be changed on an interim foundation by Liberty Media’s chairman, John Malone, and in keeping with the corporate he’ll keep on as an senior advisor to assist smoothen the administration transition.
In his function, Maffei has been a driving power behind the agency’s acquisition of Method 1 in 2017, serving to rework the sequence into a world and fashionable leisure powerhouse. Earlier this 12 months Liberty additionally introduced it will purchase MotoGP and add it to its big selection of leisure properties.
“The virtually 20 years I’ve spent on the helm of Liberty Media have been extremely rewarding, stimulating and endlessly eventful,” Maffei stated. “Following at present’s bulletins at Liberty Media and Liberty Broadband, all of the Liberty acquisitions accomplished throughout my tenure at the moment are in buildings the place shareholders can have extra direct possession of their upside.
“The company construction is optimized, and the portfolio corporations are in robust positions with gifted government groups in place. Whereas it’s by no means simple to go away a company as dynamic as Liberty, I’m assured that that is the suitable time. I’ve totally loved working alongside and studying from John, our board, the administration groups at Liberty and throughout the household of corporations and our shareholders.”
Stefano Domenicali , F1 CEO, Greg Maffei, Liberty Media CEO
Photograph by: Steven Tee / Motorsport Photos
Malone added: “On behalf of the Liberty Media board, I’d wish to thank Greg for his management, creativity and dedication. Since becoming a member of in 2005, Greg has been on the forefront of the thrilling evolution within the lifecycle of Liberty. He has grown our asset base and made the corporate higher and extra beneficial for shareholders, alongside the way in which overseeing as many as 5 separate public corporations concurrently.
“Particularly following at present’s transaction bulletins, our firm is easier and extra centered than ever earlier than, which is an ideal capstone for Greg’s completed profession at Liberty. I want Greg continued success as he embarks on his subsequent chapter and respect his continued help as an Advisor.”
