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Formula 1 owner Liberty Media has appointed media, sports and entertainment executive Derek Chang as its new president and CEO.
Chang, who has a career that has involved spells in the NBA and at DIRECTV and Scripps and Charter, will replace Greg Maffei, who left his role at the end of last year.
He has been a director of Liberty Media since 2021 and, when he starts his new role on February 1, will join the executive board alongside chairman John Malone, vice chairman Dob Bennett and Chase Carey.
While Chang has previous experience of running major sporting categories, having been CEO of NBA China from 2018 to 2020, it is understood he will not be taking a hands-on role in F1.
His focus instead will be on the wider interests of Liberty's businesses as well as exploring new opportunities.
This is a shift from how Maffei (pictured below) operated previously, as he was very much more involved in working alongside F1 CEO Stefano Domenicali on grand prix matters.
Speaking about his new role, Chang said: "Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future.
"Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward."
Malone said that Chang had been picked because of his understanding of the media and entertainment landscape.
"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," said Malone.
"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."
One of Chang's early focuses will be to work with the European Commission to ensure that Liberty is given the sign off to acquire MotoGP alongside F1.
Last December, the European Commission announced that it was opening a Phase II antitrust probe into Liberty's takeover of MotoGP, which will likely take several months to be concluded.
The impact on F1
The change of senior management level at Liberty, especially with Maffei having previously been so directly involved in F1, has also triggered a revised reporting structure for Domenicali.
He previously had a direct link to Maffei, whereas now he will report to the committee of Chang, Bennett, and Carey - who returned to the Liberty board in December.
The fact that Chang will not be so heavily involved in F1 will inevitably shift the dynamics a bit in how grand prix racing is run.
With there no longer being in effect two figures for Liberty Media in the F1 paddock, it leaves Domenicali as a bit more of a central focus.
This not only means allowing him to shape F1 more in the direction he wants, but also results in him becoming the sole touch point for teams - who would previously also regularly speak to Maffei and lobby him when it suited.
And while Carey's return to the Liberty board prompted suggestions that he could be coming back to get more involved in F1, it is understood that he is not interested in doing so and instead prefers to act merely as support if required by Domenicali.
The changes at F1 come ahead of the final year of the current ruleset, and a campaign where it is hoped that Liberty can reach agreement with teams and the FIA to sign off the new Concorde Agreement that will run from 2026.
Domenicali will also need to make a decision about his own future too, as his current contract as F1 CEO runs out at the end of the year. However, there is little reason to believe his deal will not be renewed.
