Repeated twists and turns
While Formula 1 is awaiting its return to the track in Las Vegas, just over a week before the third to last GP of the world championship, sensational exits are taking place: a few hours after that of Dan Fallows, who will no longer be the Technical Director of Aston Martin, the FIA has announced the resignation of Race Director Niels Wittich, who will leave the position to Rui Marques already in Las Vegas. The latest news, however, came directly from Liberty Mediathe company that owns Formula 1 since 2016.
Maffei resigns
Starting from next yearIndeed, Greg Maffei will no longer serve as President and CEO. The 64-year-old American, who had taken over the management of Formula 1 directly from the owner of Liberty Media, John Malone, has decided to resign once his contract ends at the end of 2024. Despite this, his experience within Liberty Average will continue as a consultantfor a company that also owns the radio station SiriusXM, LiveNation Entertainment and the Atlanta Braves, a team playing in the MLB.
The reasons for the choice
Regarding his decision, Maffei defined the choice to resign as ‘difficult’: “The nearly 20 years I have spent leading Liberty Media have been incredibly rewarding, challenging and eventful – he declared – While it is never easy to leave such a dynamic organization as Liberty, I am confident that now is the right time. I have really enjoyed working with and learning from John, our board of directors, the management teams at Liberty and our entire family of companies, and our shareholders.”
Malone’s thanks
Malone, who will become interim CEO, wanted to thank Maffei in the meantime: “On behalf of the Liberty Media Board of Directors, I would like to thank Greg for his leadership, creativity and dedication – he commented – Since joining in 2005, Greg has been at the forefront of the exciting evolution of Liberty’s lifecycle. He grew our asset base and made the company better and more valuable to shareholders while simultaneously overseeing five separate public companies. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”
