Richard Petty makes big announcements
Wednesday, June 11th, 2008 by Kyle Ocker
Hopefully a step in the right direction for Petty Enterprises today, as the announcement of an investor, signing of a veteran driver to a four-year extension, and a new CEO.
Today, in front of the full media center in Charlotte, NC, the Pettys announced three big changes.
The most anticipated was the signing of veteran Bobby Labonte to a four-year extension.
“I have known all along this is where I want to finish my racing career,” said Labonte. “The future is very bright for Petty Enterprises. As we continue to develop and learn from this car, we will increase our testing and engineering support. The investment that Boston Ventures will allow us to compete on the same level as the bigger Sprint Cup teams.”
Another anticipated announcement of Boston Ventures becoming an investor.
Boston Ventures has invested $2.4 billion in more than seventy companies. They have agreed to become a capital investor for both Richard Petty Enterprises and the Richard Petty Driving Experience.
With the investor comes a new Chairman. Barry Baker will fill that role. He is the Managing Director of Boston Ventures. Baker has over thirty years of experience to bring to Petty Enterprises. Baker has held several executive positions. Including the President and Chief Operating Officer of USA Networks, Inc.
Also, the Managing Director of Boston Ventures will become a part of Petty Enterprises Board of Directors.
“There is no doubt this is an emotional decision for our family, my dad, my mother, for me, for my sisters, for the grandkids, for all of us,” Kyle Petty said during the press conference today. “We have labored over this decision for a long time, but it’s absolutely the right decision.”
And, David Zucker was introduced as the new Crew Chief Executive Office of Petty Enterprises. He brings over 20 years of experience to the table.
“My plans are to work with Richard Petty and the Petty Management team to build the business, and to leverage Boston Ventures expertise in areas like marketing relationships and financial management,” said Zucker.”
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