Derek Chang announced as new Liberty Media president and CEO

Formula 1 owner Liberty Media has announced the appointment of Derek Chang as its new president and CEO.

The role was previously held by Greg Maffei, who helped Liberty complete its takeover of F1 in January 2017 but departed at the end of last year.

Chang, who has extensive knowledge of sports broadcasting deals, most recently worked for EverPass Media – a company which supplies live sport, including the NFL and Premier League football, to business and commercial establishments.

He also gained experience working at DIRECTV and NBA China and has been a Liberty Media board member since 2021.

Chang will take over his new role at the start of February, with Liberty chairman John Malone continuing in an interim CEO position until then.

The appointment comes with Liberty stock in a strong position. Chang aims to focus on continuing the growth of F1 and MotoGP – should the takeover be ratified by the European Commission, which needs to award regulatory approval of the deal with Dorna.

“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,” said Chang.

“Our current focus is clear: optimising 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.”

Liberty also confirmed that Chang will join the executive committee of the Liberty Media Board alongside Malone, as well as vice chairman Dob Benett and former F1 chief executive Chase Carey.

Current F1 president and CEO Stefano Domenicali will report to a Liberty committee of Chang, Carey and Bennett.

“I am thrilled to welcome Derek as the CEO of Liberty Media,” said Malone.

“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.”