John Malone is no longer chairman of Formula 1 owner Liberty Media – his successor has already been named
A bombshell at the top of Formula 1’s owner: John Malone is stepping down as chairman of Liberty Media and Liberty Global. The company, which owns both Formula 1 and MotoGP, will be led by Robert R. “Dob” Bennett as its new chairman from the beginning of next year.
When Bennett takes over the post, Malone will move into the role of chairman emeritus. Malone has been instrumental in driving Liberty Media’s expansion into various motorsports over the past decade.
Liberty Media formally took over Formula 1 in 2017 after the company agreed to a deal in the previous season. Under Liberty Media’s leadership, the championship has experienced significant growth, driven by a sharp increase in media exposure and the global success of the Netflix series “Drive to Survive.”
The entrepreneur’s career
Under Malone’s leadership, Liberty recently acquired Dorna, the holding company of MotoGP and its affiliated racing series, following approval by the European Commission.
Malone originally made his fortune in the cable television industry.
He founded Liberty Media as a spin-off of the cable TV company Tele-Communications Inc (TCI), whose growth Malone helped shape in the 1970s and 1980s.
“Founding Liberty Media and serving as its chairman has been one of the most rewarding experiences of my professional life,” Malone is quoted as saying.
Successor has been with the company for a long time
“After successfully simplifying our portfolio in recent years and establishing a strong position for our operating businesses, I believe this is an appropriate time to step back from some of my responsibilities. I am delighted that Dob Bennett, my partner and colleague for 35 years, will assume the role of Chairman.”
“Dob has been involved in all of the important decisions in Liberty Media’s history, and I am confident that Liberty Media is well positioned for the future,” Malone continued. “I look forward to remaining active as a major Liberty shareholder and strategic advisor to our management and board.”
Bennett has been a director of Liberty Media since 1994 and served as the company’s president and chief executive officer from 1997 to 2005. He will join current president and chief executive officer Derek Chang and former Formula 1 chief Chase Carey to form the company’s three-member executive committee.
Words of praise for Malone
“I would like to thank John for more than three decades of partnership and mentorship,” said Bennett. “His legacy as a visionary business leader is unparalleled, and I am deeply grateful for his trust.”
“I speak for the entire board in thanking John for his extraordinary leadership as our chairman and for his continued commitment as chairman emeritus.”