Magna Entertainment Corporation in Toronto needs a new honcho to run its horse racing business. The old CEO has handed in his papers. Tom Hodgson, who used to work for a company dealing with auto papers, took a year at Magna before he discovered that he did not understand horse racing!
Horse racing is a beguiling mistress. You can spend a lifetime studying the myriad aspects of this hypnotic sport, and she still kicks up a surprise now and then. Seriously, houses such as Magna deserve top flight managers with consummate skills, covering finance, human resources management, marketing— the works! There are plenty of veteran race track administrators around who know horse racing inside out, but we need a liberal dose of business management savvy in this day and age, to keep horse racing afloat.
Magna stocks have tumbled almost 7% after Tom announced his resignation, which really goes to show how much investors value quality top management in the business of horse racing. Magna is an integral part of the Canadian horse racing scene, apart from being proud owners of the lovely Santa Anita race course in California, and we wish the group great luck in finding a quick and worthy successor to Hodgson. Magna is a part of MI Developments, and is active in a series of wagering activities, including online betting. Chairman Stronach will hold the fort until headhunters land the right catch, so get your CV ready if you would like to take a shot!