Magna Announces Management ChangeBy Magna International Inc., PRNE
Monday, December 20, 2010
AURORA, Ontario, December 21, 2010 - Magna International Inc. (TSX: MG., NYSE: MGA) announced today that
Belinda Stronach will be resigning from her role as Executive Vice-Chair and
member of the Board of Directors, effective December 31, 2010.
Stated Michael D. Harris, Lead Director, "The Board wishes to express our
sincere and deep appreciation to Belinda for the valuable contribution she
has made to Magna over many years and we wish Belinda every success in the
As previously disclosed, the Nominating Committee of Magna's Board is in
the process of reviewing the composition of the Board. The Nominating
Committee has retained Russell Reynolds Associates, an internationally
recognized firm, to assist in its search for potential future Board members,
including a director to fill the vacancy created by Ms. Stronach's
We are the most diversified global automotive supplier. We design,
develop and manufacture technologically advanced systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; hybrid and electric vehicles/systems as
well as complete vehicle engineering and assembly.
Magna has over 92,000 employees in 245 manufacturing operations and 80
product development, engineering and sales centers in 25 countries.
For further information:
Vince Galifi, Executive Vice-President and Chief Financial Officer at
For further information: Vince Galifi, Executive Vice-President and Chief Financial Officer at
Tags: Aurora, canada, December 21, Magna International Inc., Ontario