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ISC CEO To Step Down June 1

Nearly one week after announcing its income fell 31%, International Speedway Corp. CEO Jim France will step down June 1.

The AP [1] reported that France will be replaced by Lesa France Kennedy, current ISC president and France’s neice. He will continue to serve as chairman of the board, while John Saunders will move from his current position as COO to president. Roger VanDerSnick will move to executive VP and COO.

Reuters [2] added that these moves will not increase the company’s annualized executive compensation expenses. And, AHN [3] noted that Kennedy will retain the title of vice chairwoman of the board. The Daytona Beach News-Journal [4] quoted Kennedy as saying:

I  join ISC’s board, management and team of employees in recognizing and expressing appreciation for Jim’s contributions over his 50-year career with the company, especially the last six years as chief executive officer. His vision and energies have been vital to our ability to prosper, and we will continue to benefit from his extensive experience and knowledge of the motor sports industry.

 These moves were part of the succession plan, which “has been in place for quite some time.”