F1 News
Brown steps down as Andretti director after just a month in charge
- Ludo van Denderen
Zak Brown has stepped down as chief executive of Andretti, barely a month after signing. The McLaren CEO joined the American company in what was a surprising move, but that new role for the American has not lasted long.
In early September, Michael Andretti, Zak Brown and several others formed a new company called Andretti Acquisition Corp. II. This company is what is known as a SPAC, or a Special Purpose Acquisition Company. These listed companies are formed to acquire or merge with an existing company, usually by raising money through an initial public offering (IPO). In effect, a SPAC is a shell company whose business is to acquire another company.
Given both their backgrounds, it was likely that Brown and Andretti would want to use the SPAC to invest in - or thus even take over - companies related to racing. But it won't get that far, as Brown has since stepped down from the company.
'No feud between Brown and Andretti'
A document from the US Chamber of Commerce reads, "On 30 September 2024, Zakary C. Brown resigned as a member of the Board of Directors of Andretti Acquisition Corp. II and also ceased to serve as a member of the compensation committee of the Board. Mr Brown's departure was not the result of a disagreement with management or the board on any matter relating to the company's operations, policies or practices."
So what was the reason? That is conjecture. In any case: In a SPAC, investors (like Brown, that is) can get their deposited money back if they are not interested in the company with which the acquisition or merger is entered into after all.
This article was written in collaboration with Olly Darcy