George resigns from Indy board

George had remained on the board after being ousted as boss of the IndyCar Series last summer following disagreements over the amount IMS was spending on the championship. But with IMS announcing his departure today, George's only remaining link with IndyCar is as head of his Vision Racing team, which is yet to finalise its 2010 programme as it hunts for sponsorship.

Mari Hulman George - the chairman of the IMS board and George's mother - said she was disappointed that her son had chosen to cut his ties with the company.

"As members of his family, we are sorry to see Tony leave," said George. "We are grateful for his service to our company as a board member and of course for formerly serving as CEO and president of our companies. I speak for our whole family in wishing him well.

"All of us had hoped that Tony would continue to serve on the board, and we made that clear to him. We are disappointed with his decision to step down despite our wishes."

But she said she was happy with how the companies were faring under the new leadership installed following George's deposition last year.

"Our company is healthy and is weathering the economic recession well," said George. "Jeff Belskus, president and CEO of the Indianapolis Motor Speedway, and Curt Brighton, president and CEO of Hulman & Company, are both doing excellent jobs in guiding our companies through this difficult time.

"Many hard decisions have been made, and now our companies are well positioned for the future."