CDI Names William C. Carstanjen Chief Executive Officer

Robert L. Evans to Continue as Chairman of the Board of Directors, Continue Full-Time Involvement in Leadership of Company

William E. Mudd Named President and Chief Financial Officer

The board of directors of Churchill Downs Incorporated (NASDAQ:  CHDN) (CDI or Company) named William C. Carstanjen as the Company’s 12th Chief Executive Officer (CEO), a position held by Robert L. Evans since August 2006.  Carstanjen has been the Company’s President and Chief Operating Officer since March 2011.

Evans will continue as Chairman of the Board of Directors and will continue his full-time, daily involvement in the leadership of the Company focusing on strategy, acquisitions, senior management selection and development, technology initiatives, legislative initiatives, and the iconic Kentucky Oaks and Kentucky Derby events. 

Over his career, Carstanjen, 46, spent five-and-a-half years as an attorney at Cravath, Swaine & Moore in New York and five years at General Electric Company (GE) in Connecticut.  Since joining CDI in July 2005, Carstanjen has served as the Company’s general counsel and chief development officer (2005-2008), as Chief Operating Officer (2008-2011) and, most recently, as President & Chief Operating Officer.  He has led CDI’s diversification strategy into online wagering on thoroughbred racing via, including the acquisitions of, AmericaTab, and Bloodstock Research Information Systems (BRIS); the growth of the Kentucky Oaks and Kentucky Derby events; and into regional casino gaming.

“I am deeply honored to have the opportunity to lead Churchill Downs,” said Carstanjen.  “Over the last several years we have transformed Churchill Downs into a diversified growth company while continuing to strengthen and invest in our traditional horse racing business.  Today, CDI is better positioned strategically and operationally, and is stronger financially and organizationally, than perhaps at any time in its 140-year history.  I’m excited about our terrific team and the future of our racing, gaming and online businesses and new businesses we may yet enter.”

In addition, William E. Mudd has been promoted to President and Chief Financial Officer (CFO).  Mudd has served as the Company’s Executive Vice President and CFO since joining CDI in October 2007.  Mudd will be responsible for operations at the Company’s race tracks and gaming properties, except for Churchill Downs Racetrack, and for all finance activities, corporate-level communications and investor relations.  He will report to Bill Carstanjen.

Prior to joining CDI, Mudd, 43, spent 15 years at GE in multiple businesses inside and outside the U.S.  Since joining the Company, Mudd has been responsible for all of CDI’s financial activities, managing the Company’s capital structure, leading CDI’s information technology group (2007-2011), and, since 2011, leading the Company’s business development activities.

“Having worked in finance for most of my career, I appreciate this opportunity to expand my experience in the operations area,” said Mudd.  “The vast majority of our employees are at our tracks and casinos and I look forward to working with them to continue CDI’s success.”

“CDI’s future is exciting and I look forward to continuing to work with these outstanding leaders,” said Evans.  “We operate under a collaborative senior leadership model and have frequently changed our organizational structure to allow our executives to develop experience in new areas.  This approach has served us well, enabling us to diversify and grow the Company.”


Evans continued, “In Bill Carstanjen and Bill Mudd we have two proven senior executives who are well known by our major shareholders and who can continue to profitably grow the Company and deliver exceptional returns to our shareholders.”

Evans, Carstanjen and Mudd will assume their new roles beginning today.