The chief executive of Formula 1 owner Liberty Media Greg Maffei will leave the firm after 20 years, it was announced on Wednesday.
Maffei, 64, will be replaced by chairman John Malone, 83, on an interim basis but Maffei will continue on as a senior advisor until a replacement is found.
“I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders,” Maffei said.
Added former Microsoft and Oracle CFO Malone: “We have built a fantastic company with high-quality assets in media, communications, sports and entertainment. I look forward to working with our executive team to uncover new opportunities for shareholder value creation.”
Maffei, who has been a consistent donor to Donald J Trump and his Republican allies in the recent electoral cycle in the United States, served as chairman of a number of other Liberty Media subsidiaries.
Maffei key Formula 1 figure
He was in post when Liberty Media purchased Formula 1 from CVC Capital Partners and has been part of the team spearheading the motorracing sport into unparalleled popularity.
But he was not without his critics on the four-wheeled racing scene, with Mario Andretti – who was part of the Andretti dynasty looking to add an 11th team to the Formula 1 grid – insisting Maffei was a blockage to their plans.
“Mario,” Andretti alleges Maffei said. “I want to tell you that I will do everything in my power to see that Michael never enters Formula 1.”
A Liberty Media statement read: “Over the past 19 years during Maffei’s tenure, Liberty Media’s composite value has increased at a compounded annual growth rate of 17 per cent compared to 11 per cent for the S&P 500, representing an 18x absolute return.”
Maffei is expected to speak at Liberty Media’s investors meeting later today in New York.