Liberty Media, the Colorado-based parent company of Formula 1, has announced that President and CEO Greg Maffei will be stepping down from the role at the end of 2024.

Liberty Media Chairman John Malone will assume the role of interim CEO. Maffei will serve as a senior advisor effective January 1, 2025, to support the management transition.

The news comes ahead of the Formula 1 season launch event featuring all ten automakers coming together for the first time ever on February 18, 2025, in London. More details are available on the Formula 1 website here.