CEO of F1-owning Liberty Media to step down

Stefano Domenicali to take over as Greg Maffei steps down after six years

Greg Maffei is to step down as CEO of Liberty Media, the owner of Formula 1, after six years in the role.

The company announced on Tuesday that Maffei will be replaced by Stefano Domenicali, the former CEO of Ferrari, with immediate effect.

Maffei, who will remain as chairman of Liberty Media, said in a statement that he was "proud" of what the company had achieved during his time in charge.

"I am confident that Stefano will continue to build on our success and lead Liberty Media to even greater heights," he said.

Domenicali, who has been a member of the Liberty Media board since 2016, said he was "honored" to be appointed CEO.

"I am excited to lead Liberty Media into a new era of growth and innovation," he said.

Domenicali's appointment comes at a time when Formula 1 is enjoying a resurgence in popularity, thanks in part to the success of the Netflix series 'Drive to Survive'.

The sport is also set to undergo a major rule change in 2022, which is expected to make the racing more exciting.

Domenicali is a well-respected figure in the world of motorsport, and his appointment is likely to be welcomed by fans and teams alike.

He has a wealth of experience in the industry, having worked as a team principal for Ferrari and as the president of the FIA Single-Seater Commission.

Domenicali is also a close friend of Formula 1 CEO Chase Carey, who is expected to remain in his role for the foreseeable future.

The change in leadership at Liberty Media is likely to be seen as a positive sign for the future of Formula 1.

Maffei has been a strong supporter of the sport, and Domenicali is expected to continue to invest in its growth.

With Domenicali at the helm, Formula 1 is well-placed to continue to thrive in the years to come.