The head of the New York City Off-Track Betting Corp. is being replaced, Gov. David Paterson announced.
David Cornstein will remain with the NYCOTB’s board, but the chairman's job is going to Meyer “Sandy” Frucher, a onetime advisor to former Gov. Mario Cuomo.
“Sandy Frucher’s expertise and experience in both the public and private sectors should give New Yorkers the confidence to know that he will make prudent decisions for the New York City Off-Track Betting Corporation,” Gov. David Paterson said. “NYCOTB customers and employees alike will be well served by his leadership and I welcome him to this new role.”
The NYCOTB is now owned by the state after it took over the operations in 2008 from New York City, which threatened to sell the money-losing firm.
For a decade, Frucher ran the Philadelphia Stock Exchange, which was sold in 2007 to NASDAQ for $690 million. He has also held posts with the Cuomo administration and government jobs in Massachusetts and New York City.
Cornstein was first appointed as NYCOTB chairman in 1994 by former New York Mayor Rudolph Giuliani.
“I am also glad that David Cornstein will remain a member of the board of directors,” Paterson added. “He will continue to be of invaluable service to the NYCOTB, utilizing his long experience at its helm to keep the work of the corporation moving forward.”
