The Stronach Group, owners of both Pimlico Race Course in Baltimore and Laurel Park, Monday announced Belinda Stronach will become the company’s new chairman, president and CEO.
She takes over for Alon Ossip, who stepped down as company CEO. Ossip had been on a leave of absence since January 2017 from The Stronach Group and his resignation had been expected. The terms of Ossip’s departure by mutual agreement are confidential, the company said.
Stronach is a Canadian businesswoman, philanthropist and former Member of Parliament in the House of Commons of Canada from 2004 to 2008. After leaving politics, she served as the executive vice-chairman of Magna International, Canada’s largest automotive parts manufacturer until Dec. 31, 2010.
She is also chair of The Belinda Stronach Foundation, a Canadian charitable organization and co-founded Acasta Enterprises, serving as its director until 2017 when she resigned from the board.
In the early 2000s, Stronach was highlighted by the World Economic Forum and media outlets, such as the National Post and Fortune Magazine, as a promising future leader.
Stronach’s management of The Stronach Group, however, had been the subject of controversy. Her father, Frank Stronach, sued her for alleged mismanagement and she countersued in 2019.
In August 2020, the two announced an end to a yearslong battle for control of the family business. Belinda got control of the Stronach Group’s thoroughbred racing and gaming businesses, plus related real estate.
The settlement came after Frank sued Belinda and others, including Ossip, for $416 million, claiming mismanagement of the family fortune. The suit alleged accused her of lavish personal spending on the company’s tab.
The organization, doing business as 1/ST, is an entertainment and real estate company in North America with Thoroughbred horse racing and pari-mutuel wagering at the core. In addition to Pimlico and Laurel Park, the company also owns and operates Adena Springs Farm, with locations in Kentucky, Florida and Canada; Xpressbet, an advance-deposit wagering company; and racetracks including Santa Anita Park, Gulfstream Park, Golden Gate Fields and Portland Meadows.