"I am very excited about the prospects for MEC and working with Frank Stronach and MEC's management team to build MEC into a global entertainment company and improve stockholder value," Cellucci said in the release.
Edited press releasePaul Cellucci, who formerly served as governor of Massachusetts and United States ambassador to Canada, is the new executive vice president of corporate development for Magna Entertainment Corp. beginning May 1.Cellucci was named a U.S. ambassador April 10, 2001. He recently completed his term. Prior to his appointment as ambassador to Canada, Cellucci was the Massachusetts governor from July 1997-April 2001.Cellucci previously served in both the Massachusetts Senate and House of Representatives."Mr. Cellucci has an outstanding record of public service and will make an enormous contribution to MEC," company chairman Frank Stronach said in a March 18 release, "and he will play a leadership role in our efforts to bring about regulatory reform at the state level aimed at modernizing the horse racing and pari-mutuel industry."MEC is headquartered in Ontario, Canada.Cellucci said it is time for him step away from public life and work in the private sector.