MI Developments announces changes to Board of Directors
October 22 2008 - 5:01PM
PR Newswire (US)
AURORA, ON, Oct. 22 /PRNewswire-FirstCall/ -- MI Developments Inc.
(MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that Messrs.
Franz Deutsch and Benjamin Hutzel have been appointed to the MID
Board of Directors, effective immediately. MID also announced that
Mr. Neil Davis has resigned from the Board, also effective
immediately. In addition, MID announced that Senator
Rod Zimmer has been selected as Lead Director. Mr. Deutsch is
currently the President of the Austrian Canadian Business Club and
has extensive operating, manufacturing, distribution and brand
management experience on a global scale. From 1981 to 1998, he was
the Chairman of the Board and an Equity Partner in HTM Sports
Company, a global sporting goods company whose brands included
Head, Tyrolia and Mares. He also previously served as the President
of AMF Roadmaster and the Executive Vice President, Marketing of
Stelber Industries Inc. Mr. Hutzel is currently a partner at
Bennett Jones LLP and has an extensive national and international
practice specializing in financings, acquisitions and divestitures
and joint venture structuring. Mr. Hutzel is a Director and
Chairman of the Audit Committee of the Woodbine Entertainment Group
and was recently a Director of the Greater Toronto Airports
Authority (where he also acted as Chairman of the Compensation and
Corporate Governance Committee and a member of the Audit
Committee). Mr. Dennis Mills, MID's Vice-Chairman and Chief
Executive Officer, stated, "On behalf of the Board, I wish to
welcome our new Board members and am confident that their
backgrounds and experience will be of great benefit to MID. In
addition, I want to thank Neil for his service and wish him
continued success." 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: please contact Dennis Mills, MID's
Vice-Chairman and Chief Executive Officer, at (905) 726-7619
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