Greg Maffei, CEO of Components 1’s proprietor Liberty Media, will step down from his place on the finish of the yr because the enterprise simplifies its company construction.
Liberty presently owns Components 1 amongst many different companies and is planning on separating its ticketing and reside leisure group – Liberty Stay – from its sports activities investments similar to F1 and MotoGP. That follows different spin-offs up to now together with SiriusXM, that means the portfolio being straight managed by the Liberty CEO has been divided up into separate entities.
Maffei has been CEO of Liberty Media since 2006, however together with his contract attributable to expire on the finish of this yr the restructuring of the corporate has resulted within the 64-year-old opting towards a brand new deal to increase his tenure. Maffei will stay concerned with Liberty Media as a senior advisor, with chairman John Malone taking up CEO duties on an interim foundation.
“The virtually 20 years I’ve spent on the helm of Liberty Media have been extremely rewarding, stimulating and endlessly eventful,” Maffei mentioned. “Following at present’s bulletins at Liberty Media and Liberty Broadband, all of the Liberty acquisitions accomplished throughout my tenure at the moment are in constructions the place shareholders can have extra direct possession of their upside.
“The company construction is optimized, and the portfolio corporations are in sturdy positions with gifted govt groups in place. Whereas it’s by no means straightforward to depart a corporation as dynamic as Liberty, I’m assured that that is the precise time.
“I’ve totally loved working alongside and studying from John [Malone], our board, the administration groups at Liberty and throughout the household of corporations and our shareholders.”
Underneath Maffei’s management, Liberty accomplished its takeover of F1 again in 2017 and has helped the game increase in a number of completely different leisure areas in addition to ship a record-breaking 24-race calendar, including venues similar to Miami and Las Vegas to the schedule. In the US particularly, F1 has loved document viewing figures through the present season, with three rounds remaining.
“On behalf of the Liberty Media board, I’d wish to thank Greg for his management, creativity and dedication,” Malone mentioned. “Since becoming a member of in 2005, Greg has been on the forefront of the thrilling evolution within the lifecycle of Liberty. He has grown our asset base and made the corporate higher and extra precious for shareholders, alongside the way in which overseeing as many as 5 separate public corporations concurrently.
“Particularly following at present’s transaction bulletins, our firm is less complicated and extra centered than ever earlier than, which is an ideal capstone for Greg’s completed profession at Liberty. I want Greg continued success as he embarks on his subsequent chapter and respect his continued help as an Advisor.”
