Dereck Chang has been officially announced as the new head of Liberty, the U.S. company that owns Formula 1 and is also in the process of acquiring MotoGP. Chang, who will take up the position on February 1, will have the responsibility of leading one of the most important global sporting competitions.

Throughout his career, Chang has held leadership positions at several prominent organizations, including EverPass Media, NBA, NFL, DIRECTV, Scripps, Charter and TCI. This experience has provided him with a deep understanding of Liberty Media’s operations and corporate history.

25 YEARS OF DERECK CHANG WITH MALONE

John Malone, president of Liberty Media, has expressed his full confidence in Chang’s leadership capabilities, noting his vast experience and familiarity with the company. Malone, who has worked with Chang for more than 25 years, will serve in the role of interim CEO until Chang officially assumes his duties.

Chang’s appointment is part of Liberty Media’s strategy to optimize its portfolio structure, which includes the recent spin-off of Liberty Live and a drive to grow its operating assets. With this move, Chang will join the Executive Committee of Liberty Media’s Board of Directors, joining John Malone, Vice Chairman Dob Bennett and Chase Carey.

MORE FREEDOM FOR STEFANO DOMENICALI

The appointment also involves changes in the structure of Formula 1. Stefano Domenicali, current boss of the premier class of motorsport, will keep his position, but will now report directly to a board chaired by Chang. This move offers more freedom and initiative to the Italian, who will be able to manage the operations and future of Formula 1 with greater autonomy.