Former U.S. ambassador Paul Cellucci joins Magna Entertainment
Former U.S. ambassador to Canada Paul Cellucci has taken an executive position at Frank Stronach's Magna Entertainment Corp, the company announced Friday.
Cellucci will take on the post of executive vice-president of corporate development at the gambling and horse racetrack company effective May 1.
Cellucci, a former Republican governor of Massachusetts, officially stepped down from his diplomatic post on Thursday. He was ambassador to Canada since April 2001.
Magna Entertainment is one of the companies controlled by Stronach, a prominent Canadian horse owner and the chairman of auto parts giant Magna International.
"Mr. Cellucci has an outstanding record of public service and will make an enormous contribution to (Magna Entertainment) and he will play a leadership role in our efforts to bring about regulatory reform at the state level aimed at modernizing the horse racing and pari- mutuel industry," Stronach said in a release.
On Feb. 23, Magna Entertainment reported a fourth-quarter loss of $41 million US, down from the $103.2 million it lost during the same period a year ago.
- FROM FEB. 23, 2005: Magna Entertainment cuts Q4 loss to $41M US
The loss for the quarter ended Dec. 31 translates to 38 cents a share, compared with 96 cents a share a year earlier.
Revenue was $139 million US, down from $146 million.
Recently appointed CEO Thomas Hodgson said earlier this month that the company will post a loss in the first quarter and may not be firmly in the black for two more years.