John Malone will step down as chairman of Liberty Media and Liberty World, the corporate that owns each Formulation 1 and MotoGP, to get replaced by Robert R. “Dob” Bennett at the beginning of subsequent yr.
Malone shall be put in as chairman emeritus when Bennett takes over as chairman, having led Liberty Media's enlargement into the possession of assorted motorsports properties over the previous decade.
Liberty formally took over Formulation 1 in 2017 after agreeing a deal within the earlier season and has overseen the championship's development by means of a a lot higher media presence and the success of its Netflix sequence Drive to Survive.
Below Malone, Liberty additionally acquired Dorna – the holding firm of MotoGP and its affiliated sequence – following approval from the European Fee.
Having made his cash within the cable tv trade, Malone began Liberty Media as an off-shoot of cable TV model Tele-Communications Inc (TCI), of which Malone had been part of its development over the Nineteen Seventies and Nineteen Eighties.
“Founding Liberty Media and serving as its chairman has been among the many most rewarding experiences of my skilled life,” mentioned Malone.
John Malone, Chairman, Liberty Media, and Chase Carey, Chairman, Formulation One
Photograph by: Steven Tee / Motorsport Photos
“With the profitable simplification of our portfolio lately and our working companies in positions of energy, I imagine it's an applicable time to step again from sure of my obligations, and I'm more than happy to have Dob Bennett, my associate and colleague of 35 years, entering into the chairman position.
“Dob has been concerned in all key selections all through Liberty Media's historical past, and I'm assured that Liberty is well-positioned for the longer term. I stay up for remaining actively engaged as a big Liberty shareholder and a strategic advisor to our administration and board.”
Bennett has been a director of Liberty Media since 1994, appearing as the corporate's president and CEO from 1997-2005. He'll kind one third of Liberty's govt committee with present president and CEO Derek Chang, and former F1 CEO Chase Carey.
“I need to thank John for greater than three a long time of partnership and mentorship,” mentioned Bennett. “His legacy as a visionary enterprise chief is with out parallel and I'm deeply grateful for his confidence.
“I communicate for the complete board in thanking John for his extraordinary management as our chairman and for his persevering with engagement as chairman emeritus.”
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