Colonnial Downs Names CFO Experienced in Shareholder Value
NEW KENT, Va.--(BUSINESS WIRE)--July 18, 1997--O.J. Peterson III, president of Colonial Downs Holdings, Inc. (NASDAQ NMS:CDWN), announced today the addition of Ian M. Stewart to its management team, as chief financial officer.
Stewart, 42, replaces Robert H. Hughes in this position and will report to Peterson. Hughes will remain a director of the company. "We are pleased that Ian joined Colonial Downs at this exciting time in the company's development," Peterson said. "His broad background in both the corporate and consulting environments and his experience in increasing shareholder value will keep the day-to-day financial affairs of Colonial Downs in excellent hands."
Stewart served for 10 years in the Detroit and Richmond offices of Deloitte & Touche LLP. He was also vice president and chief financial officer of Richmond-based Hat Brands, Inc. Recently he served as interim chief financial officer for several companies in Virginia.
Stewart is a certified public accountant and a member of the AICPA. He serves as vice chairman of the board of directors of the Virginia Community Development Loan Fund.
After earning a bachelor's degree in economics from Kalamazoo College, he went on to receive an MBA from the University of Michigan in 1979.
Colonial Downs Holdings, Inc. is the only company in Virginia that holds unlimited licenses to own and operate a pari-mutuel horse racing track and a Colonial Downs Horse Racing Center Network. Colonial Downs racetrack, located in New Kent County, VA, half-way between Richmond and Williamsburg, will open September 1, 1997. It will host both thoroughbred and standardbred (harness) racing at its facility, featuring the largest turf track and second longest dirt track in the United States. Colonial Downs Holdings, Inc., is a publicly-held company traded on the Nasdaq National Market System under the symbol CDWN.
CONTACT: Colonial Downs Information Center
Margaret Crossen or Jennifer Ebert, 804/225-9670 |
