Formula 1 owner Liberty Media has announced its president and CEO Greg Maffei will leave his role by the end of 2024.
Maffei, who joined the American investment firm in 2005 and became its CEO in February 2006, will depart from Liberty Media after opting not to renew his expiring contract.
He will be replaced on an interim basis by Liberty Media’s chairman John Malone, and according to the company he will stay on as a senior advisor to help smoothen the management transition.
In his role Maffei has been a driving force behind the firm's acquisition of F1 in 2017, helping transform the series into a global and modern entertainment powerhouse.
Earlier this year Liberty also announced it would acquire MotoGP and add it to its wide range of entertainment properties.
Liberty has announced a series of changes to its famously complicated organization in recent months, as it looked to address stock declines and simplify share ownership. Maffei’s announcement Wednesday coincided with an agreement in which Charter Communications Inc. will acquire Liberty Broadband Corp. in an all-stock transaction that will unite two of Malone’s key holdings.
Liberty also said it plans to split off the Liberty Live Group into a separate public entity that would contain 69.6 million shares of Live Nation Entertainment Inc. and Quint, which offers ticket and hospitality packages to sports and entertainment events.
Liberty Media will be an independent company that includes holdings in Formula 1 and MotoGP.
Maffei rubbished those rumours and Autosport understands his announced departure has nothing to do with a change of stance, with Liberty remaining steadfast that the series is not for sale.
Likewise, the US Department of Justice investigation into Liberty concerning its rejection of Andretti’s bid to join F1 is understood to have had no impact on Maffei’s exit.
Maffei confirmed during a quarterly earnings call in August that the company faced an official probe by the justice department's Antitrust Division over the legality of refusing entry to Michael Andretti's team.
The fact Maffei is set to operate in a senior advisor role to ease the management transition, with Liberty chairman John Malone stepping in on an interim basis, suggests no ill-will in the parting of ways.
It did, however, coincide with an announcement that Liberty Media was planning a split-off between the Liberty Live Group and the subsidiaries within.