Magna Entertainment names Greg Rayburn interim CEO, replaces Stronach

By Caroline Salls

Pittsburgh, April 8 - Magna Entertainment Corp. has appointed Greg Rayburn as interim chief executive officer to replace Frank Stronach, who resigned as CEO, effective immediately, according to a company news release.

Stronach will stay on as chairman of Magna's board of directors.

Rayburn's appointment is subject to the approval of the U.S. Bankruptcy Court for the District of Delaware.

According to the release, the decision to appoint Rayburn followed an extensive executive search process led by Magna's lead director, William Menear.

Rayburn is a senior managing director and the practice leader of FTI Palladium Partners. He has more than 26 years of experience advising companies and boards of directors in several in-court and out-of-court restructurings.

In addition, Magna's board has also appointed Warren Mosler to serve as an independent member of the board of directors.

Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5. Its Chapter 11 case number is 09-10720.

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