France stepping down as ISC chief executive officer

International Speedway Corp. announced Tuesday that Jim France is stepping down as chief executive officer on June 1. France will remain chairman of the Board of Directors in a non-executive capacity.

Lesa France Kennedy, currently president, will become CEO and retain the title of vice chair.

L. France Kennedy and J. France

ISC also announced these promotions, effective June 1:

• John R. Saunders, currently executive vice president and chief operating officer, will become president;

• Roger R. VanDerSnick, currently senior vice president -- marketing and business operations, will become executive vice president and chief operating officer; and,

• Daniel W. Houser, will move from vice president to senior vice president, and remain chief financial officer and treasurer.

"These changes follow the company's plan of succession that has been in place for quite some time," Jim France said. "Working closely with the Board, I look forward to continuing to provide key oversight and support to a strong management team that has shown careful and sound judgment on both strategic and operational matters. Under Lesa's continued outstanding leadership, I have every confidence they will drive future success for ISC's shareholders for many years to come.

"I think it is important in light of the current economic environment to note that these collective executive changes will not result in any increase in ISC's total annualized executive compensation expenses."

Said Lesa France Kennedy: "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 motorsports industry."

• Separately, ISC declared an annual dividend of $0.14 per share, payable on June 30 to common stockholders of record on May 29, marking the 36th consecutive year that the company has paid a dividend to its shareholders. ISC paid an annual dividend of $0.12 per share in 2008.

• Also, the following members of ISC's Board of Directors were re-elected to a three-year term: Lesa France Kennedy; Larry Aiello, Jr.; J. Hyatt Brown; Edward H. Rensi; and Thomas W. Staed.