Underwood Retires as Hollypark Chairman

Vernon O. Underwood, Sr., chairman of the board and chief executive officer of Hollywood Park since 1972, announced his retirement Thursday, the race track announced.

Underwood, 78, said that as a result of the recommendation of his physician, he will reduce his activities and will not submit his name to the shareholders for reelection to the board of directors.

The Hollywood Park board accepted his decision to retire and elected him to the newly created position of chairman emeritus. The board unanimously named Marjorie L. Everett, vice chairman of the board and chief operating officer, replacing Underwood.