Belinda Stronach rejoins Magna

Belinda Stronach

Dale Jewett | Automotive News / April 11, 2007 - 2:50 pm

Belinda Stronach, daughter of Magna International Inc. founder and Chairman Frank Stronach, said today she is rejoining the auto parts maker and leaving Canadian politics.

Belinda Stronach, 40, will be Magna's executive vice chairman, the company said in a statement.

That title now is held by Manfred Gingl. But Gingl is not standing for re-election to Magna's board of directors, according to Magna's proxy statement. He will continue to work with Magna, heading a business unit that makes and markets aftermarket parts and accessories.

As executive vice chairman, Belinda Stronach will work with co-CEOs Don Walker and Siegfried Wolf. Walker and Belinda Stronach were divorced in 1995.

Media reports in Canada have speculated that elections to form a new government will be called within several weeks.

In a statement attributed to Wolf and Walker, Magna said, "Belinda will play an important role and make a valuable contribution to Magna's ongoing success in the challenging auto industry, particularly in terms of long-term strategic planning and related policy decisions, international relationships, public relations, social responsibility and employee and labor relations."

Encouraged to return

Belinda Stronach said today that encouragement from Magna's leaders played a part in her decision.

"My father is looking to the future, the company is facing important strategic decisions, and the Canadian and global auto sector and economy are in a period of great challenge," she said in a statement. "So I am stepping aside from elected politics for the time being and will now take part in public life in a different way."

Her return to the company comes amid rumors that Magna may be preparing a bid for the Chrysler group, possibly in partnership with buyout firm Onex Corp.

Stronach said in her statement that other considerations that led to her decision include wanting to spend more time with her children.