Jerry Campbell, owner of Pinnacle Race Course, resigned Friday from his position on Magna Entertainment Corp.’s Board of Directors.
Campbell served as the board’s lead director and was a member of the company’s audit committee.
In 2000, Campbell, then chairman of Great Lakes Downs, was named MEC’s president and chief executive officer. The Muskegon racetrack was purchased by MEC a year later.
About seven months after taking the helm, Campbell resigned from his positions with MEC to sit on the board of directors. Magna chairman Frank Stronach eventually took the top position, which he holds today.
Shortly after it was announced that Great Lakes Downs would close, Campbell began plans for Pinnacle Race Course near Detroit. The track hosted its inaugural card on July 18, 2008.
Campbell is the second Magna board member with Michigan ties to leave the company this year. Charlie J. Williams, another board member on their audit committee, resigned from his position on January 26. Williams, a Thoroughbred owner and breeder, had served on the board since February 2007.
Campbell’s departure leaves MEC short of the NASDAQ-required three independent directors on their audit committee. Failure to comply by their next shareholders meeting on February 20, 2010 could result in MEC’s shares being de-listed from the NASDAQ market.
MEC Press Release
“Magna announces timing spinoff” – Thoroughbred Times
“Magna president resigns as company moves to Toronto” – Thoroughbred Times
“Magna sells Great Lakes Downs” – Thoroughbred Times (by yours truly)
“Williams resigns from Magna Board of Directors” – Thoroughbred Times”
Explanation of NASDAQ Marketplace Rule 4350 (d) – Progenics Pharmecuticals Press Release
Special Thanks to The Business of Racing.