MI Developments names real-estate veterans to CEO, CFO positions

AURORA, Ont. - MI Developments Inc. (TSX:MIM) has appointed real-estate veteran William Lenehan as its chief executive officer, effective immediately, as the Magna International spinoff revamps its board of directors and executive team.

The company, which owns the properties used by many of Magna's auto parts factories, had been controlled by Magna founder Frank Stronach until he agreed to eliminate MI's class of multiple-vote B shares.

Lenehan, who most recently worked as a real-estate investment professional at Farallon Capital Management, will be joined by Michael Forsayeth who has been appointed MID's chief financial officer, effective in August.

Forsayeth has been CFO of resort property developer Intrawest ULC since 2007.

Also joining the company's executive team is Jennifer Tindale, who will be MID's general counsel and executive vice-president. She was previously associate general counsel and corporate secretary at Biovail Corp., which has been merged with Valeant Pharmaceuticals International Inc. (TSX:VRX).

Lenehan will be a member of MI's seven-member board, which will be chaired by G. Wesley Voorheis, who played a key role in restructuring Hollinger Inc. after Conrad Black relinquished control of the Canadian media company.

"We are very much looking forward to beginning the process of reviewing MID's business model and the strategic options to determine the best alternatives for enhancing shareholder value," Lenehan said in a statement Wednesday.

The Stronach Group recently completed the acquisition of several race tracks and other gaming assets formerly held by MI Developments, as part of the agreement that saw Frank Stronach relinquish his voting control.

Stronach will also retain some rights to some of MI's land, including right of first refusal for Magna's head office in Aurora, Ont.