Chase Carey Replaces Formula One's Bernie Ecclestone as CEO

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)

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