In a surprising turn of events, Greg Maffei, the long-serving CEO of Formula 1’s owners, Liberty Media, has announced his decision to step down by the end of 2024.
Greg Maffei, who steered Liberty Media through nearly two decades, is set to conclude his tenure as CEO, leaving a notable legacy. Liberty Media, which acquired Formula 1 back in 2017, has transformed the sport under Maffei’s leadership. The company expanded the Formula 1 calendar, boosting global viewership significantly. Maffei played a pivotal role in these developments, alongside the popular ‘Drive to Survive’ series, which has captivated fans worldwide.
Liberty Media’s acquisition spree didn’t end there, as they recently added MotoGP to their portfolio, aiming to bring both two-wheel and four-wheel motorsport under one umbrella. Maffei remarked on his time at Liberty Media, expressing that his years there were rewarding and full of stimulating challenges.
The decision not to renew his contract marks the end of an era for the company. Nevertheless, Maffei will not completely sever ties with Liberty Media, as he is set to remain on board as a senior advisor, ensuring a smooth leadership transition. John Malone, the chairman, will temporarily take over the reins as interim CEO.
Reflecting on the transition, Maffei stated, “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.” Maffei emphasized the timing for his departure being just right, despite the difficulty of leaving such a dynamic organization.
John Malone praised Maffei’s immense contributions, noting his foresight and dedication in shaping the company’s trajectory since 2005. Under Maffei’s leadership, Liberty Media grew its asset base and enhanced its value for shareholders. Malone appreciated Maffei’s management across multiple public companies simultaneously, highlighting the simplified focus of the organization as it stands today.
As Greg Maffei prepares to exit his role as CEO, Liberty Media is poised for a new chapter while continuing to build on the solid foundation laid during his tenure. His decision to remain as an advisor demonstrates a commitment to ensuring the company’s ongoing success.
