Magna Entertainment Corp. CEO Thomas Hodgson steps down

Posted on Wednesday, March 15th, 2006

TORONTO, March 14 (Reuters) - Magna Entertainment Corp. (MECsva.TO: Quote, Profile, Research) (MECA.O: Quote, Profile, Research), one of North America’s biggest horse racetrack operators, on Tuesday said it will replace its chief executive with someone who has more industry experience.

The company, which is controlled by Canadian auto parts billionaire Frank Stronach, said current president and chief executive Thomas Hodgson will step down at the end of the month but will help the firm through the transition.

 Hodgson was hired almost exactly one year ago to guide Magna Entertainment through a recapitalization plan and impose financial discipline. The company, a spin-off from auto parts firm Magna International, counts the famed Santa Anita and Pimlico racetracks in California and Maryland among its holdings.

"The board has decided that, going forward, MEC should seek a CEO with in-depth knowledge and experience in the horse racing and gaming industry who can lead the company in fully exploiting its opportunities in this sector," Stronach said.

Stronach, chairman of Magna Entertainment, will step in as interim chief executive. Hodgson replaced an industry veteran, Jim McAlpine, when he was appointed chief executive in March 2005.

Share with other horse racing fans:
  • del.icio.us
  • Digg
  • Furl
  • YahooMyWeb
  • Facebook
  • Reddit

"Magna Entertainment Corp. CEO Thomas Hodgson steps down" was posted on Wednesday, March 15th, 2006 at 5:14 pm and is filed under Horse Racing Industry, Pimlico Track, Race Tracks News, Santa Anita Track. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.

Previous Horse Racing News Entry:
American Horses Pointed Toward Dubai World Cup

Next Horse Racing News Entry:
Lawyer Ron Eyes Rebel Stakes Win

Horse Racing News »

Post Comments