Liberty Media has confirmed that long-standing chair John Malone will step down from the board on 1 January 2026 and transition to Chairman Emeritus.
Vice chairman Robert R. “Dob” Bennett will succeed him as chair.
The board will be cut to 8 directors, 5 of them independent, with the executive committee comprising Bennett, president and CEO Derek Chang, and Chase Carey. Malone remains a major shareholder, retaining c.49.5% of voting power in Formula One common stock and c.48.9% in Liberty Live common stock as of 31 August 2025.
As a result of the transition, Liberty Global CEO Mike Fries will become chairman on 1 January 2026.
Liberty has simplified its structure in recent years, completing the split-off and merger of its SiriusXM tracking group in September 2024, and spinning off the Atlanta Braves franchise in July 2023. In July 2025 Liberty closed the acquisition of MotoGP owner Dorna, adding the series to Formula 1 within the Formula One Group.
Leadership has also shifted: Derek Chang was appointed president and CEO in early 2025, succeeding Greg Maffei. On the wider Malone portfolio, Liberty Global separately said Malone will also become Chairman Emeritus there, with CEO Mike Fries assuming the chair.
Malone, 84, the so-called “cable cowboy”, has spent decades reshaping distribution and sports media assets. The move to an emeritus role at both Liberty Media and Liberty Global marks a generational handover while preserving his strategic influence.
