Charlie J. Williams has stepped down as a director of Magna Entertainment Corporation, the company announced on Monday.
Mr. Williams told the horse racetrack operator that he would have to step down due other pressing business issues.
“I have greatly enjoyed my time as a director of MEC,” Mr. Williams said in a prepared statement. “However, in the current environment there are other business matters unrelated to MEC that require all of my time and attention.”
Effective immediately, Mr. William's position on the audit committee will be filled by Frank Vasilkioti, according to the company.