Magna names new CEO

Magna Entertainment Corp. has hired Michael Neuman, the former president and chief operating officer of the satellite television company Echostar, as its chief executive officer, the company announced late Tuesday.

Neuman, who left Echostar in February 2006 after eight months with the company, has spent the last several months as an advisor to Magna's founder and interim chief executive officer, Frank Stronach, the company said in a release. Stronach will step aside after filling the role of chief executive officer since March, when Thomas Hodgson, the former chief executive, resigned.

Neuman will become the sixth chief executive officer of Magna since it was founded in 2000. The company has lost approximately $400 million over the last four years.

The announcement came on the same day that Magna delayed the release of its 2006 financial results. Magna said the results will be released Monday.