P1racenews AI automatic summary:
Formula 1 owner Liberty Media has named Derek Chang as the organisation’s new president and Chief Executive Officer, replacing Greg Maffei who departed the role in November.
Derek Chang, a board member at Liberty since March 2021, has significant experience in the sports entertainment industry, having previously worked at the NBA. He will assume the role of CEO next month, succeeding John Malone, who served as interim CEO after Greg Maffei’s resignation. Malone praised Chang’s expertise and familiarity with Liberty, stating that he is the ideal leader for the company’s future. Chang will work alongside Chase Carey and Dob Bennett on a three-member executive board committee, overseeing assets like F1 and MotoGP. The focus for Liberty is on supporting the growth of these operating assets post-acquisition and making strategic investments for the future. Despite Liberty’s controlling share deal with MotoGP last April, the ongoing EU investigation may cause delays in the process. Chase Carey, former F1 CEO, has also been appointed to the Liberty board.
