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©2000 SpeedCenter Publishing DETROIT (June 16, 2000) - Championship Auto Racing Teams, Inc. (NYSE:MPH) announced today that Andrew H. Craig, Chairman, Chief Executive Officer and President, has resigned his offices with the Company to pursue other business alternatives. At the request of the Company's Board of Directors, Mr. Craig, who joined the Company in 1994, has agreed to remain as a consultant for the Company for a period of 12 months. The Company also announced that three-time CART driving champion and Team Rahal owner Bobby Rahal will serve as the interim President and CEO pending selection of a new Chief Executive Officer. The Company also announced that James F. Hardymon has been elected by the Board of Directors to the position of Chairman of the Board. Mr. Hardymon was formerly the Chairman and Chief Executive Officer of Textron, Inc. Mr. Hardymon stated: "The Board of Directors wishes to thank Mr. Craig for his outstanding efforts in moving the Company forward during the last six years, including his significant role in the Company's initial public offering in 1998." Mr. Craig stated: "I have enjoyed my six years at Championship Auto Racing Teams. During this time, the Company has grown from a privately-held company with revenues of approximately $25 million to a publicly-held company almost three times the size. However, a motorsports sanctioning body is only as good as its race teams, and it is a great tribute to them that the Company has prospered over the years. I now want to move in another direction, but I remain committed to assist the Board in a consulting capacity during the transition."
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