Formula 1 owner Liberty Media has appointed a new president and CEO following the departure of Greg Maffei last year.
Derek Chang, a media, sports and entertainment executive, will take up his position effective February 1.
Formula 1 president and CEO Stefano Domenicali will report to Liberty's three-man executive board committee, which includes Chang and fellow board members Chase Carey and Dube Bennett.
Carey, who was replaced by Domenicali as F1 boss when the American left Liberty at the end of 2020, returned to Liberty's board in December.
The move followed news in November that Maffei would leave his position with Liberty and Formula 1 at the end of last year.
John Malone, chairman of Liberty Media, has been interim CEO since Maffei's departure.
“Derek’s experience in both operational and investment roles, comprehensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter,” Malone said.
Zhang, who has been a director of Liberty since March 2021, said the group's focus includes “supporting the growth of our attractive operating assets, including Formula 1 and MotoGP post-acquisition, to continue their momentum and invest in the future.”
Liberty took control of the MotoGP championship – the equivalent of Formula 1 in motorcycle racing – in April last year.
