Method 1 proprietor Liberty Media has appointed a brand new president and chief govt officer following Greg Maffei’s departure final yr.
Derek Chang, an govt specialising in media sports activities and leisure, will tackle the function from 1 February.
F1 president and CEO Stefano Domenicali will report right into a three-man Liberty govt board committee comprising Chang and fellow board members Chase Carey and Dob Bennett.
Carey, who was changed by Domenicali as boss of F1 when the American left Liberty on the finish of 2020, returned to the Liberty board in December.
That transfer adopted information in November that Maffei would go away his function with Liberty and F1 on the finish of final yr.
John Malone, chairman of Liberty Media, has been interim CEO since Maffei’s departure.
Malone mentioned: “Derek’s experience in each working and funding roles, intensive understanding of our industries and familiarity with Liberty make him the best chief for Liberty’s subsequent chapter.”
Chang, who has been a director of Liberty since March 2021 and was the CEO of NBA China from 2018-20, mentioned the group’s focus included “supporting the expansion of our engaging working property, together with F1 and MotoGP post-acquisition, to proceed their momentum and make investments for the long run”.
Liberty took management of MotoGP – the equal of F1 in motorcycle racing – in April final yr, though the deal has but to be authorised by the European Fee, exterior.
The EC is investigating whether or not the deal reduces competitors within the licensing of broadcasting rights between Liberty and Dorna Sports activities, the dad or mum firm of Moto GP. Liberty’s deal would see it purchase 86% of Dorna shares.
