January 15, 2002
Magna appoints Belinda Stronach as company’s CEO
Aurora, Ontario – Magna International Inc. announced that its Board of Directors has appointed Belinda Stronach, daughter of company founder Frank Stronach, as Chief Executive Officer – she replaces James Nicol who has resigned.
On news of the appointment, Magna’s stock price dropped 6% to $96.78 on the Toronto stock exchange.
Frank Stronach, the Chairman of the Corporation, stated: “On behalf of the Board of Directors and employees of Magna I would like to express our appreciation for the substantial contribution which Jim has made to Magna and its shareholders over the last few years and wish him the very best in pursuing new challenges.”
Mr. Nicol will continue to serve as a director of Magna, Intier Automotive Inc. and Decoma International Inc.
“I have enjoyed working closely with Jim for many years” commented Ms. Stronach. “We have a strong team at both Magna and our operating groups and anticipate being able to continue to deliver strong operating and financial results in the future as we have over the past decade. I am pleased that Fred Gingl has been elected to Magna’s Board of Directors and look forward to working with him. Fred has over 30 years of experience in the Magna organization and will be a great resource for the Corporation.”
Magna, one of the most diversified automotive suppliers in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Mexico, South America and Asia. Magna has over 64,000 employees in 168 manufacturing operations and 33 product development and engineering centres in 18 countries.