Churchill Downs Adds Investor Michael Tucker As Eighth Director
The Kentucky Derby operator named the Orvieto Partners founder to a Class II seat, with a term running through the 2028 annual meeting.
Churchill Downs, the home of the Kentucky Derby, appointed investment manager Michael Tucker as a Class II director, expanding its board to eight members, the company said in an 8-K filing and a press release on Wednesday.
A seat created for a money manager
The board acted on October 27 on the recommendation of its Nominating and Governance Committee, and the appointment is effective immediately. Tucker fills a vacancy created by the board's increase in size, the filing says.
His term expires with the other Class II directors at the 2028 annual meeting. The board has determined he is independent under Nasdaq listing standards. He has not been named to any board committees, and his pay will match that of other non-employee directors.
Tucker is founder and managing partner of Orvieto Partners, L.P., which he started in 2021, according to the company's release. He has more than 30 years in investment management, with earlier partner and portfolio manager roles at PAR Capital Management, Andover Capital Advisors and Standish Mellon Asset Management. The company also says he has over 30 years of experience investing in sports, entertainment and leisure companies.
Capital allocation is the pitch
Chairman Alex Rankin said Tucker's "extensive knowledge of market dynamics and strategic capital allocation will be invaluable as CDI continues to evolve and grow." Tucker said he has "long admired CDI's disciplined approach to growth and value creation."
Churchill Downs owns and runs horse racing, historical racing and casino businesses. It reports three segments: Live and Historical Racing, Wagering Services and Solutions, which includes the TwinSpires online wagering business, and Gaming, which covers casino properties.
Committee assignments for Tucker have yet to be made as of the filing.
Sources
- 8-K Filing — Churchill Downs Inc (CHDN) — SEC EDGAR
- Exhibit a10282026boardannouncement.htm — Churchill Downs Inc 8-K exhibit — SEC EDGAR
- Churchill Downs Incorporated Appoints Michael Tucker to — globenewswire.com
