Steve Duncker and Pater Karches were elected Dec. 8 to be co-chairman of the board of trustees of the New York Racing Association effective Jan. 1, 2005.They replace Barry Schwartz, who had previously announced he was stepping down after serving as chairman for four years.NYRA operates racing at Saratoga, Belmont, and Aqueduct.Both owners and breeders, Duncker is a retired partner and managing director of Goldman Sachs. He also serves as chairman of the American Graded Stakes Committee.Karches is retired from Morgan Stanley, where he was on the management committee and was president and COO of the institutional securities and investment banking group."Steve and Peter have both accepted bigger roles in our organization and have made meaningful contributions to NYRA," Schwartz said in a release. "This is the next logical step as they continue the progress and success that we have achieved this year."NYRA also has a new president and CEO in Charlie Hayward, former president of Daily Racing Form. He recently began his duties.