Formula 1 has entered a transformative phase as Derek Chang has been officially appointed as the new president and Chief Executive Officer by Liberty Media. This appointment comes in the wake of Greg Maffei's departure, marking a pivotal moment for the future of the sport.

Starting on February 1, Chang will lead F1 with a fresh perspective and strategic vision. His extensive background in media, sports, and entertainment is expected to drive the sport into a new chapter of innovation and growth. Stefano Domenicali, the current F1 president, will report directly to a newly formed three-member Liberty executive board committee that includes Chang alongside Chase Carey and Dob Bennett.

This new leadership structure indicates a strong commitment from Liberty to enhance Formula 1's global presence and operational success. Carey, who had previously stepped down as the head of F1 in 2020, has rejoined Liberty's board, bringing valuable insight into the evolving landscape of motorsport.

In Chang's words, his focus will be on “supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition.” Liberty Media's acquisition of MotoGP in April 2024 is still pending approval from the European Commission, which is currently assessing its effects on broadcasting rights competition. If successful, this could solidify Liberty's position as a dominant force in motorsport.

With John Malone serving as interim CEO since Maffei's exit, he expressed confidence in Chang’s capability, stating, "Derek's expertise makes him the ideal leader for Liberty's next chapter.” The motorsport community is abuzz with anticipation regarding the innovations and strategic decisions that will emerge under Chang's leadership as Formula 1 continues to gain momentum on a global scale.