Following much speculation as to FIA President Max Mosley's impending retirement, rumors arose in 2004 to the effect that Todt would run for the office. Mosley commented that though Todt would make an excellent president, he was quite happy at Ferrari; however, it has long been assumed that when Michael Schumacher retires from F1, Todt will leave his job. In an apparent bid to maintain Todt's loyalty, Ferrari president Luca di Montezemolo promoted Todt to the head of the entire Ferrari operation, including street car production.

The French government has made Todt a Chevalier of its Legion d'Honneur.

On September 28, 2005, Todt announced his engagement to former Bond girl and actress Michelle Yeoh.[2] At the end of the 2006 season Michael Schumacher did indeed leave Ferrari for retirement and Todt was promoted to be the CEO of Ferrari, taking a step back from active day-to-day running of the team.