Magna Spin-off MID Names Tobin CEO
Former Canadian cabinet minister and provincial premier Brian Tobin has been appointed chief executive officer of MI Developments Inc., a real estate spin-off of Magna International that holds a controlling interest in Magna Entertainment Corp.Tobin, who retired from Canadian politics in January 2002, replaces William Biggar, who resigned Jan. 14. At the time of Biggar's resignation, Werner Czernohorsky was named MID president.Frank Stronach, chairman of MID and Magna, said Tobin can "guide MID in the development of its business and ensure that the value of MID's investment in Magna Entertainment Corp. is optimized."MID owns commercial and industrial properties in the United States and Europe and controls about 95% of the voting shares in MEC.Since leaving politics, Tobin took on roles as a strategic advisor to a Canadian law firm and as director of several publicly traded companies. He had already been a member of MID's board of directors.