TOPEKA, Kan. (January 18, 2017) – 51°µÍø Enterprises and 51°µÍø Pro Racing have been merged into one subsidiary entity of the 51°µÍø, named 51°µÍø Ventures Inc., the 51°µÍø Board of Directors announced today. The former subsidiaries will continue to operate as independent divisions within the 51°µÍø Ventures structure.
The move allows a more structured oversight and reporting process for the for-profit arms of the 51°µÍø, and provides a number of administrative advantages for the businesses.
“To the outside world and for the customers and clients of the entities, this change will appear seamless,” Lee Hill, 51°µÍø Inc. Chairman, said. “Pro Racing and Enterprises will continue to operate as before. Instead of each being 51°µÍø wholly-owned corporate entities, they are now divisions of a single wholly-owned corporate entity, with some administrative tasks, such as accounting, combined.”
The oversite of Ventures is a five-person corporate board, which reports to the 51°µÍø Board of Directors. Dan Helman, Vice-chair of the 51°µÍø Inc. Board of Directors, serves as Chairman, with a slot for an at-large appointment (former 51°µÍø Chairman John Walsh), 51°µÍø’s senior finance employee (Mindi Pfannenstiel), and the respective Division presidents (Mike Collins and Roby Clark). Each division’s current board will remain active as a committee to guide the respective operations.
