In the written release, the company's Chairman, Frank Stronach, called Powell a "valued member of the Magna team."
Magna Entertainment Corp. (MEC) announced Friday that Lonny Powell, vice president of racing operations for the company and president and chief executive officer of Santa Anita Race Track, has resigned those positions but will remain with the company as a chief advisor. Powell's resignation will be effective immediately.In a joint statement released by the company Friday, Powell said, "With the rapid expansion and restructuring that is taking place within MEC, I have chosen to resign from my day to day responsibilities in favor of an opportunity to serve as an adviser and consultant to the company."