Frank Stronach resigns from Magna board to pursue politics

Canadian billionaire Frank Stronach, 80, announced Thursday that he is resigning from his position on the board of directors at car parts manufacturerer Magna International Inc., in part to pursue politics in his native Austria.

“It has been two years since control of Magna has changed hands and, in that time, I have become involved in numerous activities outside of the automotive industry,” said Stronach in a statement that was released as part of the company’s third-quarter earnings statement. “One of these activities involves politics in Austria and I do not want my political views to be confused with my role on Magna’s Board.”

Stronach, who founded Magna in 1957, had remained on as honourary board chair at Magna International after a buyout process two years ago. He has since founded a political party in Austria, with the aim of running in the country’s 2013 election. Part of his party’s platform includes getting rid of the Euro in Austria.

Stronach is one of the richest men in the country, coming in at No. 19 on Canadian Business magazine’s Rich 100 list in 2011.