John Malone will step down as chairman of Liberty Media and Liberty Global, the company that owns both Formula 1 and MotoGP, to be replaced by Robert R. “Dob” Bennett at the start of next year.
Malone will be installed as chairman emeritus when Bennett takes over as chairman, having led Liberty Media’s expansion into the ownership of various motorsports properties over the past decade.
Liberty formally took over Formula 1 in 2017 after agreeing a deal in the previous season and has overseen the championship’s growth through a much greater media presence and the success of its Netflix series Drive to Survive.
Under Malone, Liberty also acquired Dorna – the holding company of MotoGP and its affiliated series – following approval from the European Commission.
Having made his money in the cable television industry, Malone started Liberty Media as an off-shoot of cable TV brand Tele-Communications Inc (TCI), of which Malone had been a part of its growth over the 1970s and 1980s.
“Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life,” said Malone.
John Malone, Chairman, Liberty Media, and Chase Carey, Chairman, Formula One
Photo by: Steven Tee / Motorsport Images
“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the chairman role.
“Dob has been involved in all key decisions throughout Liberty Media’s history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and board.”
Bennett has been a director of Liberty Media since 1994, acting as the company’s president and CEO from 1997-2005. He will form one third of Liberty’s executive committee with current president and CEO Derek Chang, and former F1 CEO Chase Carey.
“I want to thank John for more than three decades of partnership and mentorship,” said Bennett. “His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence.
“I speak for the entire board in thanking John for his extraordinary leadership as our chairman and for his continuing engagement as chairman emeritus.”
We want your opinion!
What would you like to see on Motorsport.com?
– The Motorsport.com Team
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: motorsport.com
