Horse-racing firm’s CEO steps down

Magna Entertainment Corp., a money-losing operator of horse-racing tracks including Santa Anita Park, said Chief Executive Michael Neuman had left after just four months and would be replaced temporarily by Chairman Frank Stronach.

Magna Entertainment is controlled by Stronach’s Magna International Inc., Canada’s largest auto-parts maker. Magna Entertainment reported a net loss of $87.4 million last year and hasn’t turned a profit since 2001.