10/18/2005 11:00PM

McAlpine leaves Magna

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Jim McAlpine, the vice chairman of corporate development for Magna Entertainment Corp. and the company's former chief executive, retired Tuesday as an officer and director, the company announced.

McAlpine, 58, was replaced as chief executive in March, shortly after the company announced a loss of $95 million in 2004, bringing its three-year losses to more than $250 million. McAlpine had been Magna's longest-serving chief executive, heading the company for four years. Magna, which owns Santa Anita and Gulfstream, is the country's largest racetrack operator.

In addition to being a director after his replacement, McAlpine was a member of the company's executive committee, which sets strategy for Magna racetracks.

A statement from Magna said that McAlpine will "continue to make himself available as a strategic advisor to MEC pursuant to a consulting agreement."