MEC Names New Interim CEO

MEC has appointed restructuring adviser Greg Rayburn as interim CEO.

Magna Entertainment Corp. has appointed restructuring adviser Greg Rayburn as interim chief executive officer, the company announced the evening of April 7.

Rayburn, whose appointment is subject to approval by the United States Bankruptcy Court for the District of Delaware, will replace Frank Stronach, who will retain his position as chairman of MEC.

According to a press release, Rayburn will “assume the customary responsibilities of CEO, including leading MEC's Chapter 11 restructuring activities and overseeing the sale of MEC's assets.”

Rayburn is currently a senior managing director and the practice leader of FTI Palladium Partners. He has more than 26 years of experience advising companies and boards of directors in several in-court and out-of-court restructurings and has previously served as CEO or chief restructuring officer of other troubled companies, including WorldCom, aaiPharma, and Muzak Holdings.

In addition, it was announced that Warren Mosler was appointed to serve as an independent member of MEC’s board of directors. Mosler is the founder and principal of AVM, a broker/dealer that provides advanced financial services to large institutional accounts. He is president and founder of Mosler Automotive, which manufactures the MT900 sports car in Riviera Beach, Fla.

MEC's board of directors is in the ongoing process of searching for additional qualified independent directors to strengthen MEC's board, the release said.