P1racenews AI automatic summary:
Formula 1 owner Liberty Media has appointed media, sports and entertainment executive Derek Chang as its new president and CEO
Liberty Media has appointed Derek Chang as its new president and CEO, replacing Greg Maffei. Chang, a seasoned sports executive with NBA and media experience, will focus on broader Liberty business interests. His role begins on February 1 alongside chairman John Malone and others on the executive board. Chang’s tenure will prioritize portfolio optimization and asset growth, rather than a hands-on approach with F1. Liberty intends to maintain a long-term investment mindset while remaining agile for new opportunities under Chang’s leadership. Malone commended Chang’s industry understanding and leadership style, anticipating continued shareholder value growth. Chang’s immediate tasks include navigating the acquisition of MotoGP alongside F1 and adjusting the reporting structure for F1 CEO Stefano Domenicali. With Chang’s less direct involvement in F1, Domenicali becomes the central figure, influencing F1’s future direction and sole touchpoint for teams.
