The Madison Square Garden Co. announced Friday Hank Ratner has stepped down as chief executive to become vice chairman and a member of the board of directors.

Ratner was succeeded by Tad Smith, president for the past five years of Cablevision Systems Corp.'s local media division, which includes Newsday.

advertisement | advertise on newsday

The Dolan family owns a controlling interest in Bethpage-based Cablevision and MSG, which is based in Manhattan.

A Cablevision spokeswoman declined to comment.