Liberty Media, the parent company of Formula 1, has announced a significant leadership change at board level, with long-standing Chairman John Malone stepping down from the Board of Directors at the end of 2025.
Malone will transition to the honorary position of Chairman Emeritus with Robert “Dob” Bennett – currently Vice Chairman – succeeding Malone as Chairman of the Board.
A long-time figure within Liberty, Bennett has held senior roles since the company’s founding in 1991, including President and CEO from 1997 to 2005. He has served on the Board since 1994 and has been part of its Executive Committee for more than 15 years.
Malone, who founded Liberty Media and has overseen its rise into a diversified media and entertainment group – including its ownership of F1 – said the timing was right to step back from day-to-day board duties.
“Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life,” he said.
“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations.
“I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role.”
Founding Liberty Media and serving as its Chairman has been among the most rewarding experiences of my professional life
John Malone
Malone added that he plans to remain closely involved with Liberty as both a major shareholder and a strategic advisor.
As of August 31, 2025, he holds approximately 49.5% of the voting power in the company’s Formula One tracking stock – the structure through which Liberty controls its interest in the sport’s commercial rights. He also maintains a similar position in the Liberty Live tracking stock.
Bennett, who has worked closely with Malone since Liberty’s inception, paid tribute to his mentor and predecessor.
“I want to thank John for more than three decades of partnership and mentorship,” he said.
“His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence. I speak for the entire Board in thanking John for his extraordinary leadership as our Chairman and for his continuing engagement as Chairman Emeritus.”
Liberty Media President and CEO Derek Chang also acknowledged Malone’s influence, noting that the transition positions the company to continue its growth trajectory across its core assets, including Formula 1.
“We look forward to continuing to benefit from John’s partnership as a strategic voice and advisor as we pursue long-term value creation at Liberty Media and focus on sustained growth in our high-quality portfolio of assets,” Chang said.
Following Malone’s departure, the Liberty Media Board will consist of eight directors, five of whom will be independent. The Executive Committee will be made up of Bennett, Chang and Chase Carey, the former Formula 1 Chairman and CEO who helped oversee the sport’s commercial transformation after Liberty’s acquisition in 2017.
The change marks a generational leadership shift at Liberty Media Corporation, but continuity remains for F1, which is now generating impressive growth and value under Liberty’s ownership.
At the same time, multiple reports suggest Liberty is actively open to a sale of Formula 1, with Malone stating recently that the sport “would be sold … if somebody gets carried away and they’re willing to pay more for it than the board thinks it can deliver to shareholders.”
