MI Developments Inc. announces changes to Directors and Officers
August 30 2004 - 5:36PM
PR Newswire (US)
MI Developments Inc. announces changes to Directors and Officers
AURORA, ON, Aug. 30 /PRNewswire-FirstCall/ -- MI Developments Inc.
(TSX: MIM.A, MIM.B; NYSE: MIM) ("MID" or the "Company") announced
today that Dennis Mills, the Honourable M. Douglas Young, P.C. and
William Sutton have been appointed to its Board of Directors
effective immediately. Mr. Mills has also been appointed as MID's
Vice-Chairman effective immediately. Mr. Mills is a former
Vice-President of Magna International Inc. from 1984 to 1987 and
served as a Member of Parliament in Canada's federal parliament
from 1988 to 2004. While a Member of Parliament, Mr. Mills was
Parliamentary Secretary to the Minister of Industry from 1993 to
1996 and served as a member of the Canadian federal parliament's
Heritage, Industry and Public Accounts Committees. Mr. Young is
Chairman of Summa Strategies Canada Inc., Connors Bros. Income Fund
and Heating Oil Partners Income Fund. He serves on the Board of
Directors of Tesma International Inc., Magellan Aerospace
Corporation, Australia Railroad Group PTY Ltd., Genesee &
Wyoming Inc., and is Counsel to Atlantic Canada Lawyers, Patterson
Palmer. Mr. Young was a federal Member of Parliament from 1988 to
1997 and between 1993 and 1997 he served at various times as
Canada's Minister of Transport, Minister of Human Resources
Development or Minister of National Defence and Veterans Affairs.
Mr. Sutton recently retired as Executive Vice-President,
International Banking at Scotiabank, in which position he had
specific responsibility for Scotiabank's operations throughout
Latin America. Mr. Sutton joined Scotiabank in 1986, after a
seventeen-year career at Citibank. "On behalf of the directors of
MID", said Mr. Frank Stronach, Chairman of MID, "I welcome all
three new directors. Their experience in the business world will
benefit MID". MID also announced today that John Simonetti's
appointment as Chief Executive Officer and Chief Financial Officer
has been confirmed by MID's Board of Directors and that MID and
Andrew Blair have mutually agreed that Mr. Blair will cease being
MID's Executive Vice-President and Chief Operating Officer
effective immediately. MID is a real estate operating company
engaged in the ownership, development, management, leasing and
acquisition of industrial and commercial real estate properties
located in North America and Europe. Virtually all of its
income-producing properties are under lease to Magna International
Inc. and its subsidiaries. MID also holds a controlling investment
in MEC, North America's number one owner and operator of horse
racetracks, based on revenues, and one of the world's leading
suppliers, via simulcasting, of live racing content to the growing
inter-track, off-track and account wagering markets. DATASOURCE: MI
Developments Inc. CONTACT: John Simonetti, Chief Executive Officer
and Chief Financial Officer of MID, at (905) 726-7619
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