**Formula One Group Appoints Derek Chang as President and CEO**

Formula One Group, a subsidiary of Liberty Media Corporation (NASDAQ: FWONK), announced significant executive changes in a recent 8-K filing with the Securities and Exchange Commission. Effective February 1, 2025, Derek Chang has been appointed as the President and Chief Executive Officer of Liberty Media Corporation.

The appointment follows an Offer of Employment dated January 7, 2025, which outlines the terms of Mr. Chang’s employment, including compensation details. As part of the transition, John C. Malone, the current Chairman of the Board of Directors and President, will resign as President and CEO but remain Chairman of the Board. Mr. Chang will also assume a position on the Board.

Additionally, Mr. Chang will step down from his current roles within the company to focus on his new position. M. Ian G. Gilchrist will be appointed to the Audit Committee, while Robert R. Bennett will join the Nominating and Corporate Governance Committee as a member and Chair. Mr. Chang will further become a part of the Executive Committee of the Board.

Prior to his new role, Mr. Chang, 56, has served as a director of the company since March 2021. His experience includes executive positions in various organizations, such as EverPass Media, Playfly Sports, Friend MTS, and NBA China.

As per the Offer of Employment, Mr. Chang will have an annual base salary of $2.5 million along with signing bonuses and stock options. These arrangements include restricted stock units and annual options vesting over a specified period, as well as severance terms in case of termination.

The official press release confirming Mr. Chang’s new position was issued on January 8, 2025. The company furnished this disclosure as part of Regulation FD requirements.

The details of the Offer of Employment can be found in Exhibit 10.1 of the filing. The press release is attached as Exhibit 99.1, meeting the disclosure requirements of Regulation FD.

This report signifies a significant change in the leadership structure at Formula One Group, highlighting the strategic decisions undertaken by Liberty Media Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Formula One Group’s 8K filing here.

Formula One Group Company Profile

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.