The France family, which founded NASCAR in 1948, is loosening the reins on stock car’s premier sanctioning body.
Jim France will step down as CEO, and he’ll be replaced by current NASCAR president Steve O’Donell, according to The Athletic. O’Donnell’s promotion will mark the first time a member outside the France family will take the helm of NASCAR.
Advertisement
Jim France’s father, William “Bill’’ France Sr. launched NASCAR almost eight decades ago.
Jim France, 81, will remain NASCAR’s chairman.
The move will be announced Saturday, according to The Athletic, which reported another change: Ben Kennedy, Jim France’s great-nephew, will be promoted to chief operating officer from his current position as executive vice president and chief venue and racing innovations officer.
O’Donnell, 57, almost has become an honorary member of the France family as he nears his 30th anniversary with NASCAR. He will oversee day-to-day operations and, according to The Athletic, assume a broad array of responsibilities, including: overseeing all aspects within NASCAR, including the various racing series and tracks it owns and operates and long-term strategic planning and the setting and execution of financial and performance benchmarks.
Advertisement
The moves comes about four months after NASCAR settled the antitrust lawsuit filed by 23IX Racing – the team co-owned by Basketball Hall of Famer Michael Jordan and NASCAR driver Denny Hamlin – and Front Row Motorsports. Although the financial terms of the settlement were not disclosed, it was viewed a major setback for NASCAR.
According to The Athletic, Jim France will maintain his 54 percent ownership stake in NASCAR, with the remaining 46 percent owned by other family members.
This article originally appeared on USA TODAY: Jim France will step down as NASCAR CEO, replaced by Steve O’Donell
Read the full article here
