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Magna Founder Quits to Focus on Austrian Politics
Frank Stronach, founder and honorary chairman of Canadian auto supplier Magna International Inc., has resigned from the company's board because of his increasing involvement in Austrian politics.
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Frank Stronach, founder and honorary chairman of Canadian auto supplier Magna International Inc., has resigned from the company's board because of his increasing involvement in Austrian politics.
The Austrian native ceded control of Magna two years ago. He returned to his homeland and formed the Team Stronach Party. Stronach, 80, opposes the euro and favors lower taxes and a balanced budget. He is campaigning to become Austria's president in autumn 2013.
Stronach says he doesn't want his political activities to affect Magna, whose Magna Steyr contract assembly unit is based in Graz, Austria.
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