|Smith with son Marcus|
Bruton Smith, who in February stepped down as chief executive officer of track operator Speedway Motorsports Inc., has increased the voting power of his three sons in the company. The 88-year-old Smith has controlled 70.2% of the voting stock, and a filing Thursday with the U.S. Securities and Exchange Commission states he now shares that voting power with his sons Marcus, David and Scott as part of a transaction "for business succession purposes."
The individual voting power of each of the sons and their father was not disclosed, and SMI declined to comment on how the voting power is distributed. The filing indicates that Bruton Smith has retained significant oversight of SMI. Bruton Smith gave up the CEO and chairman titles of SMI in February, moving to a role as executive chairman while elevating Marcus to the CEO role.
Scott Smith is president and David Smith is vice chairman of their father's auto dealership company, Sonic Automotive, where Bruton remains as chairman and CEO. ESPN