SEARCH NEWS:

 

Churchill Downs Reports New CFO, Vice President

"We have accelerated our succession plans for Mike Miller and Karl Schmitt to engage these new roles in order to accommodate Bob's decision to take early retirement, and we are confident in their abilities to help us grow the Company and continue building long-term value for our shareholders," said Meeker.

Decker has served as CDI's executive vice president and chief financial officer since 1997. CDI experienced exponential growth during Decker's tenure. The Delavan, Wis., native managed the Company's acquisitions of Ellis Park, Calder Race Course and Hollywood Park, as well as its merger with Arlington International Racecourse -- now doing business as Arlington Park. Decker guided the Company's listing on the Nasdaq National Market in 1997, directed its secondary stock offering in 1999, and most recently, managed the January 2002 spin-off of CDSN as a separate operating unit.

Decker was to have shifted his focus exclusively to the growth of CDSN and the Company's overall development efforts in early 2003. The transfer of complete financial duties to Miller was also intended then to allow Decker more time to explore potential growth opportunities for the Company and continue implementing CDI's successful acquisition strategy in conjunction with Meeker, whose employment contract with the Company was recently renewed. Decker had helped plan this transition, but more recently decided that he saw new professional horizons outside of CDI that he wanted to pursue.

"I am very proud of what we have accomplished in the six years since I joined CDI's executive management team," said Decker. "We have increased our market capitalization by 360 percent, completed strategic mergers and acquisitions that have positively impacted our balance sheet, recruited an impressive stable of racing properties to market under the CDSN banner and established our brand as the most recognized and highly desired brand in the racing industry.

"My time at CDI has been well spent, and I have greatly enjoyed the opportunity to work closely with Tom Meeker, the first-class team he has assembled and the Company's board of directors," Decker added. "Tom is a true visionary in the horseracing industry. His sound judgment and take-charge management style have been crucial to our Company as we executed a period of intense growth and expansion into new markets. Many challenges lie ahead for our Company and the industry as a whole, and Tom's leadership is still needed for us to take full advantage of CDI's potential. With that in mind, I have decided that my logical next step is to pursue another business opportunity that will afford me continued professional growth and added management responsibilities."

"Bob has been instrumental in leading this Company through a consolidation effort that has helped cement CDI's status as the industry leader offering the highest-quality racing content," said Meeker. "He directed a focused, disciplined acquisition strategy that grew the Company from two racetracks to six and positioned it for future growth in areas such as alternative gaming and domestic and international account wagering. His talents are well documented, and we understand his desire to exercise those skills in a position that demands a more balanced mix of operational and financial expertise. We are extremely grateful for his efforts and accomplishments, and wish him the best in his future endeavors."

In Miller's new role as chief financial officer, he will oversee the Company's finance, human resources and information technology departments. He will report directly to Meeker, who will also assume oversight of the Company's development initiatives. Prior to joining CDI as senior vice president of finance in January 2000, Miller served as senior vice president, chief financial officer and treasurer of Fender Musical Instruments in Scottsdale, Ariz. The West Virginia native was previously a partner with the certified public accounting firm of DeLoitte & Touche in Dayton, Ohio. At CDI, he has been responsible for accounting, tax, treasury, budgetary and information technology issues for the Company.

Schmitt, who joined Churchill Downs as director of publicity in 1987, became head of the Company's new corporate communications department two years later and has served the organization as senior vice president, communications since March 1998. He has participated in the negotiation of television contracts with NBC and ESPN, led the Kentucky Derby media relations efforts, directed CDI's Internet initiatives and provided counsel to senior management as the Company grew from a single racetrack to a corporation with operations from coast to coast. In January 2002, the Louisville native assumed his new role as chief operating officer for CDSN.

Meeker expects a smooth transition as the two move into their new posts.

"Over the past two years, Mike has demonstrated the acumen and leadership to guide this Company financially in a competitive and challenging environment," said Meeker. "He spearheaded the integration of our recent acquisitions, forged strong working relationships with each of our operating units as well as our financial partners, led the effort to secure public support of our 'Master Plan' construction project to modernize Churchill Downs racetrack and began the transition to become the Company's spokesperson to the financial community. Mike has proven himself as a tremendous asset to CDI and will serve the Company well as its chief financial officer.

"In addition, we're excited to have someone with Karl's experience and industry knowledge leading our efforts to grow our simulcast unit," added Meeker. "Karl has directed our communications and new media initiatives with great success, and his operational leadership of CDSN over the past year gives us confidence that we can continue gaining market share in the simulcast segment of our industry."

Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 112 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships -- more than any other North American racing company. CDI also owns off-track betting facilities and has interests in various television production, telecommunications and racing services companies that support CDI's network of simulcasting and racing operations.

< Gaming News