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Formula One owner Liberty Media appointed longtime sports executive Derek Chang as its next CEO on Wednesday.

Chang will officially take over on Feb. 1 and will lead Liberty’s three-man executive board that will work with F1 CEO Stefano Domenicali. He’ll replace John Malone, who has served as Liberty’s interim CEO since Greg Maffei stepped down from the role last November.

“I am thrilled to welcome Derek as the CEO of Liberty Media,” Malone said. “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.”

Chang will help drive Liberty’s push to enhance its investments in motorsports like F1 and MotoGP, a motorbike racing entity that Liberty seized last April but has yet to officially acquire.

Liberty also plans to transfer Liberty Live Group into its own public entity, allowing it to own roughly 70 million shares in Live Nation Entertainment, a U.S.-based concert promoting company.

“Our current focus is clear: optimizing 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,” Chang said.

Upon starting his new role, Chang will step down as executive chairman of EverPass Media, a platform he helped launch with the NFL to provide commercial establishments with premium sports content.

Chang has been a director with Liberty since 2021. He was the CEO of NBA China from 2018 to 2020 and previously held top positions working for DIRECTV, Charter Communications and the YES Network.

–Field Level Media