Penske To Keep Leadership Roles In Place “I don’t think you build a business overnight”

INDIANAPOLIS – Now that The Indianapolis Motor Speedway as well as the NTT IndyCar Series are in new leadership with Roger Penske, what happens to the people already in place?

Will Mark Miles remain as CEO? Will Doug Boles remain as President of the Indianapolis Motor Speedway? What about Jay Frye?

Both IndyCar and IMS have found solid footing. They haven’t been on this solid ground since before the split. From 1995 through 2011, it was a consistent battle between leadership, the teams, the drivers and the fans.

But, with Miles in place, the series started growing each and every year. Boles, has the Indy 500 relevant again. Frye, has the respect of the paddock. But, will Penske make any changes?

Penske doesn’t want to change any of that in fact.

“This business is not broken,” Penske said. “This is a great business, and the leadership team that’s been here has done an outstanding job, and what we want to do is be a support tool.”

Penske later confirmed that none of the leadership positions are being changed.

“We have no intention of changing the management teams that are place today, and certainly we’ll have a board that we’ll announce at the time of the final closing of the transaction, and we hope to have a diverse group of people on there that know the business and can support the business, take us to the next step. That’s going to be part of our plan.

“And we also, just to put it in perspective, we’ve offered the Hulman family members if they’d like to have an interest in the company that we would look at that during between now and when we get to the end of the closing.”

Penske, notes that while he’s been successful in everything that he’s touched, he’s still new to this role.

“Remember, I’m going to be the new guy in town, so we’re going to take those plans and see if we can add anything to it that makes it better. But I don’t think you build a business overnight. This didn’t get to 300,000 in three or four years, so we have to be rational on our investment.

“But we’re interested in economic development in the community, the Hoosiers that support this all over the state want to see this become and still be the iconic race of the world. So we’re going to do this a step at a time, and I think that we’ve got here probably the next 60 days we’re hoping to close this very early January based on all the regulatory things we go through, and I think at that time we’ll have a had a chance to talk to all the leadership here and get some good input because this is obviously a chance for us just to add our support and our shoulder to make this better.”

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