P1racenews AI automatic summary:
F1 owner Liberty Media has revealed that CEO and president Greg Maffei has chosen not to extend his contract and will be stepping down by the end of 2024.
Greg Maffei has been a part of the American corporation since 2005, eventually rising to the position of CEO before playing a crucial role in the firm’s acquisition of F1 in 2017. He has chosen not to renew his contract as CEO but will remain as a senior advisor to facilitate the transition. During his almost 20 years at Liberty Media, Maffei expressed gratitude for the rewarding experience and the strategic developments that occurred. John Malone, Liberty Media’s Chairman, will temporarily take over Maffei’s position as the company focuses on expanding its sports portfolio with the acquisition of MotoGP. Malone praised Maffei for his leadership, creativeness, and contributions to the growth of Liberty Media and its shareholder value. Despite the departure of Maffei, the company is now in a more streamlined and focused state, ready for the next phase of growth.
