Speedway Motorsports Inc. founder Bruton Smith, who turns 88 next month, has given additional control of the company to his son Marcus, who has spent the past 19 years working for his father in a variety of leadership roles.
Bruton Smith, who according to SMI's 2014 proxy statement controls 70 percent of the voting stock in the publicly traded company, had been chairman and CEO since the formation of SMI in 1994. The SMI board of directors announced Wednesday that he will immediately move to the role of executive chairman.
Marcus Smith, 41, will assume the CEO title in addition to his previous title as president, a role he took on in 2008. He also will remain as president and general manager of Charlotte Motor Speedway while working with his father to manage day-to-day operations and the strategic direction of the company, according to the news release.
SMI owns tracks in Charlotte, North Carolina; Bristol, Tennessee; New Hampshire; Texas; Atlanta; Kentucky; Las Vegas; and Sonoma, California. Those tracks play host to 12 of the 36 Sprint Cup points races.