It's been a busy week for me at work, but I had to come up for air once I heard that Magna is firing Maryland Jockey Club President Chris Dragone after only six months on the job.
Frank Stronach's hit list gets a little longer, as Drangone's name gets added to a list that recently included the popular MJC President Lou Raffetto and CEO Michael Neuman, who never appeared to really be in charge anyway. No one should be surprised, this isn't anything new from Frank.
From The Thoroughbred Times:
The firing of Dragone continues a string of management shakeups in Magna dating to 2000. The Canadian company, which has lost $306.4-million the past three years, has had five different chief executives in that time with Stronach assuming the role on an interim basis three times.
Dragone
will leave after this Saturday's Preakness and will be replaced by Tom Chuckas, a long-time CEO of the nonprofit group that operates the Rosecroft Raceway harness track in suburban Maryland. Presumably the doomsday clock on Chuckas is already 5 minutes to midnight...And in case you were wondering, the stock is trading at about 40 cents a share...
1 comments:
Stronach wants experience? He should hire Lou Raffetto, whom he fired to hire Dragone, whom he’d hired previously before hiring Raffetto and then firing him.
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