Magna's McAlpine Retires

Former Magna Entertainment Corp. chief executive officer Jim McAlpine has retired from the company.

McAlpine said he has agreed to continue to make himself available as a strategic advisor to MEC pursuant to a consulting agreement.

After stepping down in March as CEO, McAlpine was reassigned as vice chairman of corporate development for the company and was a member of Magna Entertainment's executive management committee.

"I have very much enjoyed my time at MEC and I am proud of the many achievements that we have accomplished over a short period of time," he said. "Although there is still some work to be done to achieve MEC's vision, I am confident that the board and management team are on the right track. I look forward to continuing to contribute to the company in my new consulting role."

Frank Stronach, MEC chairman said, "In his five years with MEC, Jim has worked incredibly hard and has made a tremendous contribution," he said. "Jim has developed strong industry and institutional knowledge and we are fortunate that MEC will continue to have access to Jim as a consultant on important strategic initiatives."