The new appointment made by the Formula 1 owner Liberty Media is known to be Derek Chang who was given the post of the president and CEO.
The position was occupied by Greg Maffei who assisted the company to seal F1 deal early January last year, although he resigned by December.
Chang is expected to assume his new position in February, while Liberty’s chairman John Malone will remain in the position of interim CEO until February.
It does so with the support of the Liberty stock in what is still a dominating position. Chang’s plan is to further expand F1 and MotoGP – if the takeover is approved by the European Commission that gives its approval to the deal with Dorna.
“I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners,” Chang said.
“Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.” Chang added.
Liberty has admitted that Chang would become a member of the Liberty Media Board Executive Committee along with Malone, Dob Benett who is the vice-chairman, and Chase Carey a former F1 chief executive.
The current F1 president and CEO Stefano Domenicali will be answerable to a Liberty committee comprising of Chang, Carey, and Bennett.
“I am thrilled to welcome Derek as the CEO of Liberty Media. His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.” Malone said.
