Magna Loses Another Executive

Tuesday, July 22, 2008

Magna Entertainment, the Aurora, Ontario-based racing company that owns Laurel Park and Pimlico, announced yesterday that Scott Borgemenke, the executive vice president of racing, had left the company as of July 18.

Borgemenke, the former chairman of the Ohio Racing Commission, was hired in January by Magna Chairman Frank Stronach. His departure continues the high executive turnover rate at Magna, which is mired in debt.

Recent departures include Brant Latta, who left Magna last month after 10 years, most spent as senior vice president of operations, and Chris Dragone, fired in May after just six months as president of the Maryland Jockey Club.

Borgemenke could not be reached for comment.

"At the end of the day, I think he had some serious conflicts between corporate responsibilities and personal responsibilities," new MJC president Tom Chuckas said. "It was very amicable."

-- John Scheinman

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