Domenicali to report to committee as Liberty names Chang new CEO
Formula 1’s president and CEO Stefano Domenicali will report to a committee of the Liberty Media board following the confirmation of Derek Chang as Liberty’s new CEO.
Chang replaces Greg Maffei who it was announced would be leaving as president and CEO of Liberty Media at the end of last year, with Liberty chairman John Malone carrying out interim duties until Chang takes up the responsibilities from February 1.
The choice of Chang is a form of internal promotion as he has served as a director of Liberty Media since March 2021, but also has executive experience at EverPass Media, the NBA, DIRECTV, Scripps, Charter and TCI.
Alongside his new role, Chang will join the Liberty Media board’s executive committee that also comprises Malone, new vice chairman Dob Bennett and Chase Carey. From those four, the trio of Chang, Bennett and Carey will also form a committee that Domenicali (pictured above) will report into, in a move that F1 sources suggest will give the Italian more freedom to run the sport’s business as he sees fit.
“I am thrilled to welcome Derek as the CEO of Liberty Media,” Malone said. “His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.
“Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value.”
Chang highlighted F1 as one of the key assets for Liberty to continue cultivating, following a number of years of strong growth for the sport.
“I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I have long admired their track record of value creation for investors and partners,” Chang said. “Our current focus is clear: optimizing the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.
“Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward.”
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