Jim France turning the reins of power over to niece Lesa France Kennedy...but just what does that portend for the sport?
Jim France, the family patriarch (Photo: Getty Images for NASCAR)
By Mike Mulhern
mikemulhern.net
PHOENIX
Jim France, the quiet, low-profile, motorcycle-riding brother of the late Bill France Jr., is stepping down as boss of the family's International Speedway Corp. (ISCA: N), the publicly traded company that runs the family's empire of stock car racing tracks across the country, including Daytona and Talladega.
The surprise announcement came Tuesday during the company's annual stockholders meeting.
France, 64, will remain chairman of the Board of Directors, but "in a non-executive capacity."
Taking France's place at the helm for track operations will be 47-yearold Lesa France Kennedy, who has been the president and day-to-day head of that part of the family business. She is the daughter of Bill France Jr.
France, leaving his post after six years, said the changes "follow the company's plan of succession that has been in place for quite some time."
Among the ISC properties are tracks in Michigan, Los Angeles, Richmond, Watkins Glen, Kansas City, Phoenix, Chicago, Miami, Martinsville, Va., and Darlington, S.C.
Jim France has been the majority shareholder in both the ISC and privately-held NASCAR. It is unclear if there has been or may be any change in that. France is listed by Forbes as one of the richest men in America, with a net worth of some $1.5 billion.
There were no immediate reasons given for the change, or what precisely might change in the way the family conducts its business.
NASCAR CEO Brian France is the most visible head of the family business, indeed the only one of the three who makes any significant public appearances or statements. But he sold most of his stake in the family business a few years ago.
Perhaps complicating the situation is Brian France's statement a few weeks ago that he did not see himself continuing in the family business for as many years as his late father, who ran things with an iron fist from 1972, when he took over from his own father, the late Bill France Sr., until passing the torch, for health reasons in 2000. He died in 2007.
Lesa France Kennedy (R) with her mother Betty Jane France, wife of the late Bill France Jr. (Photo: Getty Images for NASCAR)
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The future of I$C's race
The future of I$C's race tracks is more high rise buildings blocking all the grandstand seats view of the race track. Lets sit at the bar and play pool and darts while the race is running. Thats what goes on in the Daytona 500 club.
Mike, You're the kind of
Mike,
You're the kind of reporter who'd look into the possibility of Jim moving over to help out NASCAR. After all, Jim isn't giving up Grand Am yet. Not saying Brian's going anywhere, but ...
- Rick Eckart from Texas -
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give me some more to work
give me some more to work with here.....jim owns nascar, he is nascar, 100 percent, he's not going anywhere, he's only 64, and feeling fit and fiddle, as best i can tell. i think he's just pushing lesa to the fore...which is good. she needs to be taking the point on some of this, like california speedway and kansas and some of the big issues of this sport. i've known jim for years; he's a cool dude, sharp and all that, but he just doesn't like the spotlight, doesn't like the point. but, hey, he's got the desk where the buck stops, sorry. and when you're sitting at that desk, you're the man.