Chase Carey Replaces Formula One's Bernie Ecclestone as CEO
24 January 2017 - 10:05AM
Dow Jones News
By Maria Armental
Chase Carey is replacing Formula One's Bernie Ecclestone, the
tycoon who built the auto-racing franchise into a global force, as
chief executive amid Liberty Media Corp.'s deal for the firm.
Taking over the CEO post is Mr. Carey, the executive who helped
build 21st Century Fox's cable unit into a profit engine and
succeeded at Fox in part by making big bets on football.
21st Century Fox and Wall Street Journal-owner News Corp share
common ownership.
With the completion of the acquisition, Mr. Ecclestone becomes
chairman emeritus and Liberty Media's CEO, Greg Maffei, becomes
deputy chair. With the deal, Liberty Media Group will be renamed
the Formula One Group.
In September, when John Malone's Liberty Media announced the
cash-and-stock deal for the lucrative franchise, executives said
Mr. Ecclestone would remain as CEO and Mr. Carey would become
chairman.
No reason was given for Mr. Ecclestone's move Monday in a news
release, which quoted him as saying he was "very pleased that the
business has been acquired by Liberty and that it intends to invest
in the future of F1." He also said he was "proud of the business
that I built over the last 40 years and all that I have achieved
with Formula One."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
January 23, 2017 17:50 ET (22:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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