Components 1’s earlier CEO Chase Carey has returned to proprietor Liberty Media as the corporate narrows its concentrate on its flagship asset.
Carey stepped down from the F1 CEO position forward of the 2021 season, passing the baton to former Ferrari staff boss Stefano Domenicali, and remained a boss till 2022.
However Carey has now returned to the corporate, with Liberty Media asserting the 71-year-old will serve on the chief committee of its board.
The transfer comes because the American funding firm is spinning off a number of of its wider leisure belongings to sharpen its concentrate on F1 and its newest acquisition MotoGP.
Autosport understands Carey will not be actively concerned on a day-to-day foundation within the operating of the sequence, which stays Domenicali’s remit.
However from his board place – and along with his in-depth expertise of operating F1 as Liberty Media took over in 2017 – Carey will be capable of present assist the place wanted to Domenicali, who’s the particular person he recruited as his alternative and with whom he maintained a wonderful working relationship.
Carey is a revered determine in F1 circles, with the Irish-born American having been a key participant behind the sequence’ pivotal value cap that was applied for 2021.
Stefano Domenicali, CEO, Components 1, Greg Maffei, CEO, Liberty Media Company,and Mohammed bin Sulayem, President, FIA, on the grid
Photograph by: Mark Sutton / Motorsport Photos
“Chase was instrumental in constructing a profitable basis at F1 from which the enterprise has grown materially,” mentioned Liberty chairman John Malone.
“Chase’s information and experience throughout media, leisure, sports activities, enterprise and extra might be helpful to the board as our corporations execute on their subsequent chapters of progress and worth creation.”
Carye added: “Liberty is at an thrilling level in its storied evolution, with a extra centered asset base centered round high-quality, premium sporting belongings that I do know effectively. I sit up for contributing to Liberty as a director in partnership with John, Liberty administration and the portfolio firm management groups.
Final month Liberty Media introduced its CEO Greg Maffei would step down at the end of the year, opting to not renew his expiring contract after seeing his remit narrowed by the corporate spinning off most of its different leisure acquisitions.
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