General

Frank Stronach to step down as chairman of Magna

A new shareholder-approved head to take the helm

After 50 years at the helm of Magna International, Frank Stronach will step down after the company’s annual meeting in May. In a move that is part of his disengagement from the global auto parts company, the 78-year-old will stay on the board as honourary chairman and founder. The directors will then choose a new chairman from among themselves. If shareholders approve, a revamped board of directors will consist of 10 directors, eight of whom will be independent.

The Globe and Mail

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