F1 Team Boss Joins Andretti Acquisition Corporation as Michael Andretti Reportedly Steps Down as CEO

Michael Andretti is reportedly stepping down as CEO of Andretti Global, with Zak Brown of McLaren joining Andretti Acquisition Corp. II.

Michael Andretti stands by his team's pit box Thursday, May 16, 2024, during the third day of practice ahead of the 108th running of the Indianapolis 500 at Indianapolis Motor Speedway. / Bob Goshert/For IndyStar / USA TODAY NETWORK

Michael Andretti is expected to be stepping down as CEO of Andretti Global and interestingly, Zak Brown, CEO of McLaren, has joined the board of directors for Andretti Acquisition Corp. II.

Andretti Acquisition Corp. II, the newly formed Special Purpose Acquisition Company (SPAC), represents the latest expansion in Andretti’s ambitions. A SPAC raises money through an initial public offering (IPO) with the primary goal of merging with an existing business, facilitating a straightforward transition to public status without the rigors required by traditional corporate formation.

This particular venture is co-helmed by Michael Andretti and Bill Sandbrook, CEO of U.S. Concrete, and features a strong board roster that includes CFO Matt Brown and several independent director nominees like Jim Keyes, Cassie Lee, Jerry Putnam, and John Romanelli.

An interesting little extra tidbit on Michael Andretti exiting his stake of Andretti Global:

On September 5th, Zak Brown was appointed to the Board of Directors of "Andretti Acquisition Corp. II".

Andretti Acquisition Corp. II is incorporated as "a Cayman Islands exempted… pic.twitter.com/Ik2kVXM1Xl

— Jeppe H. Olesen (@jeppe_olesen) September 27, 2024

Zak Brown’s background is rich with accomplished partnerships, including a notable association with Michael Andretti in both the Australian Supercars series and various IndyCar events. Brown has been a vocal advocate for Andretti Global’s bid to join Formula 1, even though this was refused by Formula One Management at the end of January. His role within Andretti Acquisition Corp. II, particularly regarding merger decisions, will be advisory, as the investors maintain ultimate control.

The formation of Andretti Acquisition Corp. II in 2024 signals an aggressive pursuit of new investment opportunities within the industry. Notably, the original Andretti Acquisition Corp, established in 2021, successfully merged with Zapata AI, transitioning the company to public trading under the NYSE symbol ZPTA. Andretti Acquisition Corp. II follows this precedent, boasting an impressive IPO that closed with gross proceeds of $230 million as of September 9, 2024.

Andretti Global has released the following statement following reports of Michael Andretti stepping down as CEO:

“Michael’s goal has been to transition to a more strategic role with Andretti Global and focus less on the operational side of the race team.

“Michael and Dan Towriss have been working closely on developing this new structure, one which Michael is excited to see take shape under Dan’s guidance.

“Michael remains engaged and will continue to serve as a strategic advisor and key ambassador. We will have more to share in the coming weeks, after Michael and Dan have had an opportunity to speak to the team.”

Brown has seen a boost in the performance of the McLaren Formula 1 team in 2024 with both Lando Norris and Oscar Piastri celebrating their maiden Grand Prix wins in Miami and Hungary, respectively.