Greg Maffei, CEO of Liberty Media, announced that he will step down at the end of 2024 after nearly 20 years with the company. Liberty Media revealed that Chairman John Malone will assume the role of interim CEO, taking over during the leadership transition. Maffei will continue with the company in a senior advisory role to aid in the process, ensuring a smooth handover and stability for the future.
Under Maffei’s leadership, Liberty Media achieved significant milestones, notably acquiring Formula 1 in 2017. This acquisition proved transformative, as Maffei oversaw the expansion of the sport’s global presence and increased viewership. Key to this success was the growth of Formula 1’s race calendar and the popularity of Netflix’s Drive to Survive series, which helped bring the sport to a broader, more diverse audience. Additionally, Liberty Media’s recent acquisition of MotoGP further bolstered its dominance in motorsports.
In his statement, Maffei reflected on his two decades at Liberty Media, describing his tenure as rewarding and eventful. He pointed out that during his time, the company’s corporate structure had been optimized, and its portfolio of companies was now in strong positions with talented leadership teams. Maffei noted that although leaving was not easy, he felt it was the right time to step down, confident that Liberty Media is well-prepared for its next phase.
John Malone, Chairman of Liberty Media, praised Maffei for his leadership and vision. He credited Maffei with significantly growing the company’s asset base and enhancing its value for shareholders. Malone highlighted Maffei’s ability to manage multiple public companies simultaneously, which contributed to Liberty Media’s success. He also emphasized that the company’s current structure, following recent changes, is simpler and more focused than ever, making it an ideal time for Maffei’s departure.
With Malone stepping in as interim CEO, Liberty Media is poised to continue its growth and focus on its key assets, including Formula 1 and MotoGP. The company is entering a new chapter, but Maffei’s legacy will remain evident in the global expansion and success of its motorsports properties. His transition out of the CEO role reflects a carefully planned and well-executed shift, ensuring that Liberty Media’s leadership remains strong as it moves forward.
