MI Developments announces appointment of Interim Chief Executive Officer
August 14 2008 - 5:04PM
PR Newswire (US)
AURORA, ON, Aug. 14 /PRNewswire-FirstCall/ -- MI Developments Inc.
(MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced the
appointment of Dennis Mills as MID's Interim Chief Executive
Officer, effective immediately. Mr. Mills has served as MID's
Vice-Chairman and a member of the MID Board of Directors since
August 2004. From 1984 to 1987, Mr. Mills was Vice-President at
Magna International Inc., where he again worked over the past
several years. In addition, Mr. Mills served as Magna Entertainment
Corp.'s Vice-Chairman from November 2004 until August 2007.
Previously, Mr. Mills served as a Member of Parliament in Canada's
federal parliament from 1988 to 2004. Frank Stronach, MID's
Chairman, stated, "It is very important that MID has constructive
communications with shareholders, and I believe that Dennis is an
excellent communicator who will be able to facilitate a productive
dialogue. Dennis also has a long-standing association with MID,
Magna and MEC. I believe that these traits will serve him well and
that he will make a very positive contribution as MID continues to
evaluate its investment in MEC and works to reestablish its
relationship with Magna." About MID MID is a real estate operating
company focusing primarily on the ownership, leasing, management,
acquisition and development of a predominantly industrial rental
portfolio for Magna International Inc. and its subsidiaries in
North America and Europe. MID also acquires land that it intends to
develop for mixed-use and residential projects. MID holds a
controlling interest in Magna Entertainment Corp., North America's
number one owner and operator of horse racetracks, based on
revenue, and one of the world's leading suppliers, via
simulcasting, of live horse racing content to the growing
intertrack, off-track and account wagering markets. DATASOURCE: MI
Developments Inc. CONTACT: about this press release, please contact
Richard Smith, MID's Executive Vice-President and Chief Financial
Officer, at (905) 726-7507
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