In November, Liberty Media announced that its long-standing president and CEO, Greg Maffei, would step down from his position at the end of the year.

Maffei had been with the company since 2005 and had served as CEO since February 2006. His departure followed a decision not to renew his contract, with Chairman John Malone temporarily assuming his responsibilities.

Now, Liberty Media has confirmed that Derek Chang, an experienced executive specializing in media, sports, and entertainment, will become the new President and CEO starting February 1, 2025.

Chang has been a director at Liberty Media since March 2021 and previously served as Executive Chairman of EverPass Media, a venture partnered with the NFL, and as CEO of NBA China from 2018 to 2020.

In his new role, Chang will oversee Liberty Media's strategic direction, including its ownership of Formula 1. Stefano Domenicali, the President and CEO of F1, will report to a Liberty executive committee comprising Chang and fellow board members Chase Carey and Dob Bennett. Chase Carey, who handed over F1 leadership to Domenicali in 2020, rejoined the Liberty board in December 2024.

John Malone, Chairman of Liberty Media, will continue as interim CEO until Chang officially takes over. Greg Maffei remains on the company's board in an advisory capacity, ensuring a smooth transition of leadership.

"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."