Neuman out as CEO of Magna

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http://news.bloodhorse.com/viewstory.asp?id=39470

Neuman Out as CEO of Magna Entertainment
by Ryan Conley
Date Posted: June 22, 2007
Last Updated: June 22, 2007



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Michael Neuman, who was hired in late February as the chief executive officer of Magna Entertainment Corp., is leaving the company, it was announced June 22.

A two-paragraph press release issued by MEC said that Neuman was leaving to pursue other opportunities. The release also said MEC chairman Frank Stronach will assume the title of interim CEO, a position he held for several months prior to the hiring of Neuman.

In Neuman's short tenure, he helped announce the formation of the controversial TrackNet Media Group, a joint content provider venture with Churchill Downs Inc.

A letter sent by Neuman in May to the California Horse Racing Board became the center of controversy over the refurbishing of the barn area of MEC-owned Santa Anita Park. The letter reportedly said MEC would be unwilling to fund a renovation of the barn.

Stronach then made a personal appearance at the June 19 meeting of the CHRB, making a pledge of $24 million that, in part, would be used to upgrade the Santa Anita barn area. During his presentation to the CHRB, he said that Neuman had "been very much reprimanded."

In the press release, Stronach is quoted as saying: "Michael worked very hard during his time at MEC and we wish him well in his future endeavors."

Neuman, who did not return a June 21 call from The Blood-Horse inquiring about his employment status, issued the following statement: "I wish my colleagues at MEC well going forward and hope that the company will be successful in implementing its long-term plans."