Live Nation Entertainment Inc. on Thursday said that its board has appointed Greg Maffei, chief executive of largest shareholder Liberty Media Corp., as its non-executive chairman.

Maffei, 52, has served on board of the Beverly Hills concert and artist promoter and ticket-seller since February 2011. He succeeds Irving Azoff, who was a key force in the 2010 merger of Ticketmaster with Live Nation. Azoff announced in December that he was leaving the company.

Liberty Media on Wednesday purchased 1.7 million Live Nation shares held by New York venue operator Madison Square Garden Co., which brings its stake to 52 million shares, or 27 percent of outstanding shares.

“Greg brings years of experience and business acumen that will continue to be a valuable asset,” Michael Rapino, Live Nation chief executive, said in a statement.

Live Nation shares closed up 19 cents, or 1.6 percent, to $11.88 on the New York Stock Exchange.