DETROIT (October 19, 2001) - Championship Auto Racing Teams, Inc. (NYSE: MPH) announced today that James Grosfeld has been named to the CART Board of Directors. The announcement was made by CART Chairman and CEO Joseph F. Heitzler. Grosfeld ...
DETROIT (October 19, 2001) - Championship Auto Racing Teams, Inc. (NYSE: MPH) announced today that James Grosfeld has been named to the CART Board of Directors.
The announcement was made by CART Chairman and CEO Joseph F. Heitzler. Grosfeld becomes the 12th member of the CART Board and his appointment is effective immediately.
"We are fortunate to have James joining us on the CART Board," said Heitzler. "His background, experience and expertise includes the practice of law, managing one of the nation's largest homebuilding companies and working as an investment advisor. We welcome him to our Board at a time when CART is beginning to move on a number of initiatives that will help us grow our business."
While Grosfeld has spent the majority of his time in recent years on personal investing activities, he served in various capacities with Pulte Homes, Inc., over 18 years, including chief executive officer from 1974 to 1990. During that time, Pulte became one of the country's largest home builders, a national mortgage banking company, as well as the owner and operator of five savings and loan institutions in Houston, Texas. He remained active with the company as a member of its board until 1997, when he retired.
Grosfeld graduated from Amherst College in 1959 and Columbia Law School in 1962. After working in the New York City law firm of Kelly, Drye, Newhall, Maginnes & Warren, from 1962-65, Grosfeld became House Counsel at Goodbody & Company, a national investment banking and brokerage firm.
"I believe CART and its racing are terrific products," said Grosfeld. "The challenge for us is to realize the full potential of CART and open-wheel racing. I believe my background and experience can help move the company in a direction that will be advantageous to all the entities involved with CART. I am thrilled to be joining the Board and look forward to working to grow CART and its racing series."
Grosfeld has served on a variety of corporate boards and is currently a member of the board of directors for publicly owned Copart, Inc., which provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles through auctions. He also serves on the board of Blackrock, Inc., a financial services firm managing more than $200 billion on behalf of institutional clients and retail investors, whose controlling shareholder is PNC Financial Services Group.
According to a September 28, 2001 Securities and Exchange Commission 13G filing, Grosfeld is one of CART's largest shareholders, holding approximately 9.99 percent of the company's outstanding shares. Grosfeld joins Eugene Atkinson, Gerald Forsythe, Chip Ganassi, Barry Green, Carl Haas, James Hardymon, Joseph Heitzler, James Henderson, U.E. 'Pat' Patrick, Fred Tucker and Derrick Walker on CART's Board of Directors.
Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the FedEx Championship Series. Champions Michael Andretti, Gil de Ferran and Jimmy Vasser are among the drivers who battle for the FedEx Championship Series title on oval circuits as well as temporary and permanent road courses. CART also owns and operates its top two development series, the Dayton Indy Lights Championship and the Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com.