Frank steps down as MEC's "interim" CEO
 

Stronach steps down as Magna interim CEO
By Matt Hegarty

http://www.drf.com/news/article/102819.html

Greg Rayburn, a senior managing director of the corporate-restructuring consulting company FTI Palladium, has been named interim chief executive officer of the bankrupt racetrack operator Magna Entertainment Corp., Magna announced late on Tuesday night.

Rayburn will replace Magna's founder and chairman, Frank Stronach, as chief executive. Stronach has been serving as Magna's interim chief executive since the middle of 2007, when its seventh chief executive officer since its founding in 1998 resigned. A release from Magna said that Stronach has "resigned his office as chief executive officer of the company effective immediately," but will remain chairman of the company's board.

Uh oh...So does that mean that Magna is about to go into full liquidation mode? How committed is the new boss to trying to salvage some part of the Magna enterprise?

Not necessarily. Frank had taken that interim title a while ago when CEO #26 was fired/left...