John Malone to Step Down as Chairman of Liberty Media
John Malone, the influential chairman of Liberty Media and Liberty Global, will step down from his role at the start of next year, paving the way for Robert R. “Dob” Bennett to take over leadership responsibilities. Malone, who has been at the helm during Liberty’s significant expansion into motorsports, will transition to the role of chairman emeritus.
A Legacy in Motorsports
Since acquiring Formula 1 in 2017, Liberty Media has transformed the championship, enhancing its visibility through increased media engagement and the success of the Netflix series Drive to Survive. Under Malone’s stewardship, the company also expanded its portfolio by acquiring Dorna, the holding company for MotoGP.
Malone expressed pride in his journey with Liberty, stating, “Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life.” He emphasized that the time is right to step back from his obligations, confident in the company’s future under Bennett’s guidance.
Who is Robert R. “Dob” Bennett?
A Veteran in Leadership
Bennett has been a cornerstone of Liberty Media since 1994, holding positions including president and CEO from 1997 to 2005. His extensive experience makes him well-suited to lead the company into its next chapter. He will join current president and CEO Derek Chang and former F1 CEO Chase Carey on Liberty’s executive committee.
Malone’s Vision for Liberty’s Future
Looking ahead, Malone highlighted his commitment to remain engaged as a significant shareholder and strategic advisor. “I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and board,” he stated.
Praise for Malone’s Leadership
In response to Malone’s announcement, Bennett conveyed deep gratitude, stating, “I want to thank John for more than three decades of partnership and mentorship. His legacy as a visionary business leader is without parallel.”
As Liberty Media embarks on this new chapter, the sports world will watch closely to see how Bennett will continue the momentum created under Malone’s leadership. The transition hopes to maintain Liberty’s stronghold in prestigious motorsports while continuing to innovate and expand in the entertainment landscape.