New York OTB gets new chairman

Sandy Frucher, the vice chairman of the Nasdaq OMX stock exchange firm, has been appointed chairman of New York City Off-Track Betting Corp., replacing longtime chairman David Cornstein, according to New York Gov. David Paterson.

Frucher, who had previously headed the Philadelphia Stock Exchange, will preside at New York City OTB's board meeting on Thursday, according to Morgan Hook, a spokesman for Paterson.

Frucher has also held public-sector positions with New York City and State, as well the as the state of Massachusetts.

According to a release from the governor's office, Cornstein will remain on the company's board. Cornstein was first appointed chairman in 1994 by New York Mayor Rudolph Guiliani.

The appointment is the first major shakeup for New York City OTB since the state purchased the company from the city of New York in June of last year. The company operates approximately 60 parlors in New York's five boroughs and an account-wagering platform, and it annually takes in almost $1 billion in bets.