Formula 1 owner Liberty Media has appointed a new president and chief executive officer following Greg Maffei’s departure last year.
Derek Chang, an executive specialising in media sports and entertainment, will take on the role from 1 February.
F1 president and CEO Stefano Domenicali will report into a three-man Liberty executive board committee comprising Chang and fellow board members Chase Carey and Dob Bennett.
Carey, who was replaced by Domenicali as boss of F1 when the American left Liberty at the end of 2020, returned to the Liberty board in December.
That move followed news in November that Maffei would leave his role with Liberty and F1 at the end of last year.
John Malone, chairman of Liberty Media, has been interim CEO since Maffei’s departure.
Malone said: “Derek’s 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.”
Chang, who has been a director of Liberty since March 2021 and was the CEO of NBA China from 2018-20, said the group’s focus included “supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future”.
Liberty took control of MotoGP – the equivalent of F1 in motorbike racing – in April last year, although the deal has yet to be approved by the European Commission, external.
The EC is investigating whether the deal reduces competition in the licensing of broadcasting rights between Liberty and Dorna Sports, the parent company of Moto GP. Liberty’s deal would see it acquire 86% of Dorna shares.
