Formula 1 owners Liberty Media have announced that its president and CEO Greg Maffei will leave his role by the end of 2024 when his existing contract expires, Afrosport reports.
Maffei joined the American company in 2005 and became its CEO in February 2006 but will be leaving after opting not to renew his contract.
He will be replaced on an interim basis by Liberty chairman John Malone but Maffei will stay on as a senior advisor to help in the management transition.
Maffei was a key part of Liberty’s $4.6 billion acquisition of F1 in 2017, which has now been transformed into a more appealing and entertaining sport.
“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful,” Maffei said per Autosport.
“Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.
“The corporate structure is optimised, and the portfolio companies are in strong positions with talented executive teams in place.
“While it’s never easy to leave an organisation as dynamic as Liberty, I am confident that this is the right time. I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”
Liberty had earlier announced it would acquire MotoGP for a reported $4 billion.
