The Madison Square Garden Company announced that, following tenure as president and chief executive officer, Hank Ratner has taken on a new role as vice chairman and will be joining the company's board of directors. The company has also announced that Tad Smith, a well-regarded executive with a proven track record of effectively operating and growing diverse organizations, has succeeded Mr. Ratner as the company's president and CEO. Throughout his tenure at the company, Mr. Ratner has been responsible for overseeing the overall daily operations of the business and has played a significant role in spearheading the company's strategic initiatives and acquisitions.

In his new role as vice chairman, Mr. Ratner will continue to assist in setting corporate direction, and work closely with the company's new president and CEO on the overall advancement of the company. In his new role, Mr. Smith will be responsible for overseeing all aspects of The company, including the overall strategy and day-to-day operations of the company sports, the company Media and the company Entertainment, as well as the company's administrative areas, including Finance, Legal, Human Resources, Communications and Business Operations.