TO BUSINESS EDITOR AND AUTO EDITOR: Gregory W. Penske Elected President and CEO of Penske Motorsports DETROIT, June 9 /PRNewswire/ -- Gregory W. Penske has been elected to the position of President and CEO of Penske Motorsports, Inc.
TO BUSINESS EDITOR AND AUTO EDITOR: Gregory W. Penske Elected President and CEO of Penske Motorsports DETROIT, June 9 /PRNewswire/ -- Gregory W. Penske has been elected to the position of President and CEO of Penske Motorsports, Inc. (PMI) (Nasdaq: SPWY), replacing Richard J. Peters, who is stepping down from his management responsibilities to establish a corporate finance advisory company. Mr. Peters will retain his board seats on PMI, Penske Auto Centers, Inc., and their parent, Penske Corporation. Mr. Penske, 35, has served as President of Penske Automotive Group, Inc., Penske Corporation's award-winning auto dealerships. He has been Executive Vice President of PMI and President of California Speedway and will assume the responsibility for all of PMI's operations. Penske Motorsports, Inc. (PMI) is a leading promoter and marketer of professional motorsports in the United States. PMI owns and operates, through its 100% subsidiaries, Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; and California Speedway, in San Bernardino County, California; and it has controlling interest in North Carolina Motor Speedway located in Rockingham, North Carolina. In addition, PMI produces and markets motorsports-related merchandise and accessories such as apparel, souvenirs and collectibles; and it distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the United States. A subsidiary of Penske Corporation is the majority shareholder of PMI. Penske Corporation is a closely-held, diversified transportation services company which conducts its business through a number of wholly- or partially- owned companies. Those companies include: Penske Automotive Group, Inc., Penske Auto Centers, Inc., Penske Motorsports, Inc., Detroit Diesel Corporation, VM Motori S.p.A., Diesel Technology Company, AG Kuhnle, Kopp and Kausch, and Penske Truck Leasing Company. Penske Corporation manages businesses with annual revenues exceeding $6 billion and employs more than 25,000 around the world. SOURCE Penske Motorsports, Inc. -0- 06/09/97 /CONTACT: James H. Harris, Senior Vice President and Chief Financial Officer of Penske Motorsports, 313-592-5258/ (SPWY)
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