William Biggar has resigned as president and chief executive officer of MI Developments, which is the parent company of Magna Entertainment Corp. He will be replaced by Werner Czernohorsky, formerly president of the Construction Group.
"With MID now a fully-functioning, well-respected public company, it is time for me to move on to new challenges", said Mr. Biggar. "I am certain that the management team led by Werner Czernohorsky will continue to deliver excellent results and capitalize on MID's growth opportunities".
MI Development was the former real estate division of Magna International before being spun off as the parent company of Magna Entertainment last August.