Canadian Grand Prix Set For Huge Change After 30 Years As New CEO Is Announced

Francois Dumontier, the outgoing CEO and president of Octane Racing Group, which has been responsible for organizing the Canadian Grand Prix at Circuit Gilles Villeneuve for the past 30 years, has stepped down from his leadership role.

Jun 18, 2023; Montreal, Quebec, CAN; Haas F1 Team driver Nico Hulkenberg (GER) races during the Canadian Grand Prix at Circuit Gilles Villeneuve. Mandatory Credit: David Kirouac-USA TODAY Sports / David Kirouac-USA TODAY Sports

Francois Dumontier, the outgoing CEO and president of Octane Racing Group, which has been responsible for organizing the Canadian Grand Prix at Circuit Gilles Villeneuve for the past 30 years, has stepped down from his leadership role.

Bell Media, the prominent Canadian media conglomerate that acquired Dumontier's Octane Racing Group in 2021, will see its Vice President, Jean-Philippe Paradis, take over the role of race promoter with immediate effect.

Founded in 2002, Octane Racing Group became a pivotal force in motorsport under the leadership of Dumontier, who was appointed president and CEO of the Canadian Grand Prix in 2009. Dumontier's significant contributions to the sport were recognized in 2017 when he was inducted into the Canadian Motorsport Hall of Fame, celebrating his impact on Canadian racing.

The Canadian Grand Prix held on its iconic semi-street circuit, will remain a fixture on the Formula 1 calendar until 2031. Originally, a multi-year contract signed in March 2017 was set to last until the end of 2029. However, due to the COVID-19 pandemic, the Canadian races were canceled in 2020 and 2021. These years were added to the existing contract, extending it and ensuring the race’s place on the calendar through to 2031.

In an official statement, the newly appointed CEO and President of Octane Racing Group, Paradis, expressed his enthusiasm for stepping into his new role. As reported by Racingnews365.com, he said:

“I’m honored to be named President and CEO of Octane Racing Group. The Formula 1 Canadian Grand Prix is one of Canada’s largest sporting and tourism events, attracting fans from all over the world, and I am excited to lead this amazing team going forward.

“I would like to thank François Dumontier for his leadership over the past three decades; his impact on Canadian motorsports is immense. I wish him well for the future and I look forward to continued collaboration with him as our strategic advisor.”

Despite the immediate change, Dumontier will offer support to Paradis as an advisor for a transitional period for a smoother takeover. Stepping down from a long-term role, Dumontier said in a statement:

“It is with a profound sense of accomplishment that I hand over the wheel after devoting thirty years to the development of motorsports in Canada, and in particular Formula 1 in Montreal.

“I am proud to leave a legacy of a world-class event — the most important sporting event in Canada, to the city of Montreal, to Quebec and to Canada. Formula 1 is more popular than ever, and I wish the organization success as Montreal continues to take its place on a fast-developing circuit.”