AURORA, ON, Dec. 1, 2011 /PRNewswire/ - MI Developments
Inc. ("MID") (TSX: MIM) (NYSE: MIM) announced today the
appointment of Tom Heslip as Chief
Executive Officer and as a Director. Mr. Heslip replaces
Bill Lenehan, who had served as
MID's Interim CEO and as a Director.
Mr. Heslip has had a 29-year career covering commercial property
development, investment, management and operations in Canada, the United
States, Asia and
Europe. He is currently with GWL
Realty Advisors in Toronto and
prior to that served as President and CEO of Realex Properties
Corporation until Realex's sale to Dundee Real Estate Investment
Trust in February 2011. He has
previously held senior management positions with Fortress Canada,
Goldman Sachs, CIBC Development Corp. and Cadillac Fairview
Limited. The Board of Directors of MID looks forward to Mr.
Heslip's leadership as MID proceeds to execute the strategic plan
announced on October 25, 2011.
The Board of Directors also wishes to recognize and thank
Bill Lenehan for his significant
contribution to MID. This includes structuring the Plan of
Arrangement which closed June 30,
2011 and eliminated MID's dual class share structure, his
work in recruiting a strong new senior management team, and his
leadership in the development of MID's strategic plan. Mr.
Lenehan will be working with Mr. Heslip to ensure a smooth
transition over the next few weeks and will thereafter continue to
be available to consult to MID over the next several months.
Mr. Lenehan noted, "With the strategic plan in place, I am
satisfied my work as Interim CEO is complete, and I am pleased that
the Board of Directors has selected Tom, a seasoned real estate
executive with a strong track record, to build on the foundation we
have created."
About MID
MID is a Canadian-based real estate company engaged primarily in
the acquisition, development, construction, leasing, management and
ownership of a predominantly industrial rental portfolio of
properties in North America and
Europe leased primarily to
operating subsidiaries of Magna.
SOURCE MI Developments Inc.