New CEO at Magna

Just two weeks after Magna Entertainment Corp. announced a loss of $95.6 million for its 2004 fiscal year, the racetrack owner has announced that it has a new chief executive officer. Thomas W. Hodgson has been appointed CEO, replacing Jim McAlpine.



A Magna press release said McAlpine has been appointed vice chairman of corporate development for the racetrack operating company and will also continue to serve as a member of the MEC executive management committee.

Other members of the executive management committee are Dennis Mills, Don Amos, Joe DeFrancis, and Ron Charles, with Hodgson serving as chairman.



According to the release, Hodgson has a financial background with various companies and banking institutions.



MEC chairman and prominent horse owner Frank Stronach said the latest management changes are aimed at focusing the company on its finances.



"MEC remains committed to its strong vision and leadership position within the horse racing industry," Stronach said. "However, at this point in our development, we need to focus on financial and operating discipline at many of our operations. Our entire board, including Jim McAlpine, strongly supports Tom's appointment as well as the need for improved financial discipline throughout the company."

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