Greg Maffei to step down as Liberty Media CEO

Formula 1 commercial rights holder Liberty Media has announced that its president and CEO, Greg Maffei, will be stepping down from his executive role by the end of 2024.

Maffei's departure marks the end of an era at the American media and entertainment giant, where he has served since 2005 and transformed Liberty Media's portfolio with major acquisitions and corporate restructuring, including Liberty's headline purchase of Formula 1 in 2017.

Maffei's role as CEO will be temporarily filled by Liberty Chairman John Malone, while Maffei will stay on as a senior advisor to help ensure a seamless leadership transition.

Reflecting on nearly two decades with the company, Maffei spoke of his satisfaction with the progress Liberty Media has made under his tenure.

“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating, and endlessly eventful,” commented the 64-year-old American executive.

“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,” he noted, referring to the streamlined ownership model that has become a hallmark of his strategy.

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One of Maffei's defining contributions was Liberty's acquisition of Formula 1, which he guided to become a global sports and entertainment powerhouse.

His strategic vision not only revitalized the sport, adding new fan bases and enhancing its digital presence, but also set the stage for expanding Liberty's presence in motorsports. Earlier this year, Liberty announced it would acquire MotoGP, expanding its influence in the world of racing.

Maffei also spoke about the personal and professional impact of his time with Liberty Media.

“The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place,” he said.

“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.”

Malone, praised Maffei's vision and leadership over the years.

"On behalf of the Liberty Media board, I'd like to thank Greg for his leadership, creativity and dedication,” he said. “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.”

Malone also emphasized Maffei's role in simplifying and focusing Liberty Media's business in recent years, particularly as a final mark of his career achievements.

"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," he added.

“I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”

Under Maffei's leadership, Liberty Media has seen its influence grow across multiple sectors, from sports and entertainment to broadband and telecommunications.

Now, as he moves into an advisory role, Maffei leaves Liberty Media with a strong foundation and a streamlined portfolio, paving the way for Liberty's continued expansion.

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