04/13/2011 3:14PM

Breeders' Cup extends board terms


Members of the board of directors of the Breeders' Cup will now serve four-year terms instead of two as part of by-law changes approved by the organization's members and trustees on Wednesday, the organization announced.

The change in the length of the term for the 12 directors required Breeders' Cup to conduct a blind draw to determine which of the six directors whose terms expire this year will stay for an additional year. As a result of the draw, the terms of Robert Manfuso, Richard Santulli, and Duncan Taylor will still expire this year, while the terms of Tom Ludt, Clem Murphy, and Oliver Tait will expire in 2012, the organization said.

The change was one of a number of amendments to the bylaws approved on Wednesday. In addition, the organization's 39 "Members" - a larger advisory body to the board - will serve for four-year terms, rather than three-year terms, and the organization's chairman and vice chairman will serve two-year terms, rather than one-year terms. The chairman and vice chairman, however, will be limited to two consecutive terms, the organization said.

"These changes in lengthening the terms of service for members and directors will allow those individuals to provide greater continuity, experience, and efficiency in serving Breeders' Cup over a sustained period of time," said Ludt, the chairman of a committee formed to review the organization's corporate governance, in a prepared statement.

Breeders' Cup is currently searching for a new chief executive following the resignation in February of Greg Avioli, who had been chief executive since 2006.