Formula One owners Liberty Media have a new managing director: Derek Chang takes over from Greg Maffei and brings a wealth of experience with him.
Formula One owner Liberty Media has announced Derek Chang as its new president and CEO. Chang succeeds Greg Maffei, who helped Liberty acquire Formula One in January 2017 but left the company at the end of 2024.
Chang, who has extensive knowledge in the field of sports broadcasting, most recently worked for EverPass Media, a company that delivers live sports, including the NFL and the Premier League, to companies and commercial institutions. He also gained experience at DIRECTV and the NBA China and has been a member of the Liberty Media board since 2021.
Chang will take up his new role at the beginning of February, with Liberty chairman John Malone serving as interim CEO until then.
Focus on Formula 1 and MotoGP
Chang will focus on further growing Formula One and MotoGP – if the acquisition is ratified by the European Commission, which must approve 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 member of the board of Starz and Liberty, and I have long admired their track record of creating value for investors and partners,” says Chang.
“Our current focus is clear: to optimize our portfolio structure with the spin-off of Liberty Live and to support the growth of our attractive operating assets, including Formula One and MotoGP after the acquisition, in order to continue their momentum and invest in the future.”
Domenicali reports to the board with Chang and Carey
“Liberty has always been long-term oriented in its investment mandate, while also being flexible to quickly take advantage of new opportunities. Both will continue to be the case in our strategy in the future,” he announced.
Liberty Media also confirms that Chang will join the Liberty Media Board’s Executive Committee alongside Malone, Vice Chairman Dob Benett and former Formula One boss Chase Carey.
Current Formula One boss Stefano Domenicali will report to a Liberty committee that includes Chang, Carey and Bennett.
“I am delighted to welcome Derek as CEO of Liberty Media,” says Malone. ”His experience in both operations and investment, his deep understanding of our industries and his familiarity with Liberty make him the ideal leader for Liberty’s next chapter.”
“I have personally worked with Derek for more than 25 years and continue to be impressed by his leadership, deep expertise and global perspective. I look forward to working with him and the Liberty management team to further enhance shareholder value,” Malone said.