Components 1’s earlier CEO Chase Carey has returned to proprietor Liberty Media as the corporate narrows its deal with its flagship asset.
Carey stepped down from the F1 CEO function forward of the 2021 season, passing the baton to former Ferrari workforce boss Stefano Domenicali, and remained a md till 2022.
However Carey has now returned to the corporate, with Liberty Media asserting the 71-year-old will serve on the manager 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 deal with F1 and its newest acquisition MotoGP.
Motorsport.com understands Carey will not be actively concerned on a day-to-day foundation within the operating of the collection, 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 to present assist the place wanted to Domenicali, who’s the particular person he recruited as his alternative and with whom he maintained a superb working relationship.
Carey is a revered determine in F1 circles, with the Irish-born American having been a key participant behind the collection’ pivotal price 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
Picture by: Mark Sutton / Motorsport Photographs
“Chase was instrumental in constructing a profitable basis at F1 from which the enterprise has grown materially,” mentioned Liberty chairman John Malone.
“Chase’s data and experience throughout media, leisure, sports activities, enterprise and extra will likely be useful to the board as our corporations execute on their subsequent chapters of progress and worth creation.”
Carey 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 properly. 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 on the finish of the 12 months, 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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