McAlpine Appointed Magna President/CEO

The Magna Entertainment Corp. board appointed Jim McAlpine today as the company's president and chief executive officer. He is MEC's third senior executive in less than a year.

McAlpine was executive vice president of non-automotive affairs for Magna International, MEC's parent company and automotible parts manufacturing company founded by MEC chairman Frank Stronach. McAlpine was the liaison between the two companies. He will work out of MEC's executive offices in Aurora, Ontario, and his appointment takes effect immediately.

"I have complete confidence in his talents and abilities," Stronach said. "I believe that this appointment provides MEC with strong, experienced leadership for its new management team."

McAlpine replaces Stronach who assumed president and CEO titles after Mark Feldman resigned Dec. 11. Feldman, a former executive with E! Entertainment Television, was appointed Aug. 7 and reportedly resigned because he did not want to move from California to Ontario. Feldman had been the replacement for Jerry Campbell who became MEC's president when the company went public in February 2000. Campbell, who is now MEC's vice chairman, resigned because MEC was setting up its headquarters in Los Angeles at the time and Campbell did not want to leave his home in Michigan.