Liberty Media has announced that its President and CEO, Greg Maffei, will leave his position by the end of 2024. Maffei, who has been with the American investment firm since 2005 and took on the role of CEO in February 2006, decided not to renew his contract, which is set to expire.
Following Maffei’s departure, Liberty Media’s chairman, John Malone, will serve as interim CEO. The company has stated that Maffei will remain involved as a senior advisor to facilitate a smooth transition in leadership.
Maffei has played a pivotal role at Liberty Media, particularly in the acquisition of Formula 1 in 2017, a move that significantly expanded the sport’s global reach and modernized its appeal as a major entertainment brand. Earlier this year, Liberty Media also revealed plans to acquire MotoGP, adding the premier motorcycle racing series to its portfolio of entertainment assets.
Reflecting on his nearly two-decade tenure at Liberty Media, Maffei described his time as immensely rewarding, dynamic, and full of challenges. He highlighted that recent announcements from Liberty Media and Liberty Broadband ensured that acquisitions made during his leadership are now structured to give shareholders more direct ownership benefits. Maffei noted that Liberty’s corporate structure is now optimized, with portfolio companies well-positioned for the future under strong leadership teams. He expressed his confidence that it was the right moment to step away, acknowledging his enjoyment of working alongside John Malone, the board, executive teams, and shareholders.
John Malone, speaking on behalf of Liberty Media’s board, expressed gratitude for Maffei’s contributions. He emphasized Maffei’s role in Liberty’s evolution, including the expansion of its asset base and enhancement of shareholder value. Malone pointed out that under Maffei’s leadership, Liberty had successfully managed up to five separate public companies simultaneously. He remarked that with recent structural changes, Liberty Media is now more streamlined and focused, marking a fitting conclusion to Maffei’s career with the firm. Malone also wished Maffei success in his future endeavors and expressed appreciation for his continued support as an advisor.
Have you read?
The Daunting CEO Agenda: What it Means for Communications.
How to Write Attractive Book Proposals? Jennifer Scott Pens Some Tips.
The Psychology Tool Leaders Can Use to Increase Productivity.
Generative AI Offers Major Benefits for Independent Workers.
7 things I didn’t know about flying business class.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
