DETROIT (December 4, 2001) - Championship Auto Racing Teams, Inc. (NYSE:MPH) announced today that Joseph F. Heitzler, Chairman, Chief Executive Officer and President, with the concurrence of the Board of Directors, has decided that the company will immediately begin a search for a new President and CEO.
The restructuring has been approved in the belief that an enhanced senior management team will better address the wide variety of challenges facing the open-wheel racing organization.
Heitzler will continue to oversee CART's day-to-day operations until the executive search is completed. No timetable was established for completion of the project. Once a new President and CEO is hired, Heitzler will remain with the company as Chairman of the Board of Directors.
"Today, the Board unanimously recognized my passion, dedication and leadership," said Heitzler, who joined the company one year and one day ago. "I will continue as Chairman and CEO of CART while we conduct a search for a President and CEO to add to the senior management team.
"After the search is completed, I will continue as CART's Chairman of the Board. I remain totally dedicated to CART and its sponsors, teams, television partners, race promoters, shareholders, and especially our fans. I wish to thank the Board for this new challenge."
Championship Auto Racing Teams, Inc. owns, operates and markets the FedEx Championship Series. Reigning two-time champion Gil de Ferran and former series champions Michael Andretti (1991) and Jimmy Vasser (1996) are among the stars who battle for the FedEx Championship Series title on ovals, temporary street circuits and permanent road courses. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com.