CORRECTED - CORRECTED-UPDATE 1-Int'l Speedway CEO to step down; raises annua

Tue Apr 14, 2009 3:32pm EDT

(Corrects 2nd bullet and first paragraph to show dividend was raised by 2 cents and not $2)

* Lesa Kennedy named CEO

* Raises annual dividend by 2 cents

April 14 (Reuters) - Race track owner International Speedway Corp (ISCA.O) said Chief Executive James France was stepping down and raised its annual dividend by 2 cents.

CEO France will step down effective June 1 and will be replaced by President Lesa Kennedy, said the company, which along with Speedway Motorsports (TRK.N) dominates the NASCAR racing landscape.

France will remain chairman of the board in a non-executive capacity.

The executive changes will not result in any increase in the company's total annualized executive compensation expenses, France said in a statement.

The Daytona Beach, Florida-based company declared an annual dividend of 14 cents a share payable on June 30 to common stockholders of record on May 29. The company had paid an annual dividend of 12 cents a share in 2008.

The shares of the company were down 16 cents at $19.83 Tuesday afternoon on Nasdaq. They hit a low of $19.36 earlier in the session. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Himani Sarkar)

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