06/21/2001 12:00AM

Farish faces trading of posts

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William Farish, the chairman of Churchill Downs Inc. and a leading Kentucky breeder, will have to step down from his positions at the company should his nomination to the ambassadorship of Britain be approved by the United States Senate, a Churchill official said Friday.

Farish appeared before the Senate Foreign Relations Committee on Thursday in reference to the appointment, an appearance that prevented him from attending Churchill's shareholder meeting in Louisville, Ky., the same morning.

Julie Koenig, a spokeswoman for Churchill, said Thursday that if Farish's nomination is approved - which is expected to happen - the Churchill executive committee would meet "shortly thereafter" to nominate a successor.

Farish, 62, was nominated to be ambassador to Britain by President George W. Bush earlier this year. A native of Texas, he has donated money to Bush's presidential campaign and the Republican party. If confirmed, Farish would be required to resign as chairman, director, and member of Churchill's executive committee, said Koenig.