Michael Andretti resigns as CEO of Andretti Global, sharing the news through an emotional open letter to fans.

The 62-year-old has been at the helm of his namesake team since his driving days. It has won five Indianapolis 500s.

Michael Andretti is addressing his decision to step back from his leadership role at Andretti Global.In late September is was discovered that Andretti had decided to relinquish his ownership stake in the racing team that he had been in charge of since buying into Team Green in 2002.

Andretti told The Associated Press that he retains partial ownership in the team that bears the name of one of racing’s great families. Michael’s father, Mario, is a former F1 world champion and one of the leading drivers in IndyCar history. Michael Andretti, 62, has 10-year-old twins and recently became a grandfather.

Michael Andretti penned a heartfelt letter to his fans confirming reports that he would be stepping down from his duties as owner of the Andretti Global team.

Michael Andretti has released his first statement since it was announced he was stepping back from his day-to-day running of Andretti Global, insisting it "isn't a goodbye" from the team run under his name.