The company said that Vice Chairman Robert R. Bennett will assume the role of Chairman of the Board.
Liberty Media Corporation (FWONA) announced on Wednesday that long-standing Chairman of the Board, John C. Malone, will step down from the board of directors and transition to the role of Chairman Emeritus of Liberty Media, effective January 1.
The company said that Vice Chairman Robert R. Bennett will assume the role of Chairman of the Board. Shares of the company jumped nearly 4% in afternoon trading.
“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, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the Chairman role,” said John Malone, Chairman of Liberty Media.
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