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From todays Globe and Mail. Shared under the Fair Dealings Provisions of the Copyright Act, RSC
Stronach quitting politics for Magna
GREG KEENAN AND GLORIA GALLOWAY
Globe and Mail Update
TORONTO and OTTAWA — Belinda Stronach, who left Magna International Inc. to forge a career in politics, is returning to the company her father Frank Stronach founded in a Toronto garage in 1957.
Ms. Stronach will replace Fred Gingl as executive-vice chairman of Magna, returning at a time when Magna is in the midst of teaming up with Onex Corp. to consider a bid to buy Chrysler.
“My father is looking to the future, the company is facing important strategic decisions and the Canadian and global auto sector and economy is in a period of great challenge,” Ms. Stronach said in a statement issued Wednesday.
Magna is one of four entities interested in separating Chrysler from its parent DaimlerChrysler AG after DaimlerChrysler effectively put the unit up for sale earlier this year.
Belinda Stronach is seen here making her way to a session at the Liberal Leadership Convention in Nov., 2006, in Montreal. On Wednesday, Ms. Stronach announced she will not stand for re-election as a Member of Parliament in the next federal election and will return to Magna International, where she will become executive vice-chairman. (CP)
Ed Lumley, who is departing as Magna's lead director when a new board of directors is elected next month, said Ms. Stronach brings “an unparalleled understanding of Magna's unique corporate culture, which has been the major contributor to Magna's historical success.”
She has extensive experience in the auto industry and has gained national and international exposure as a federal Cabinet minister.
She left the company in January, 2004, to run for the leadership of the federal Conservative Party, which she helped create by urging the leaders of the Reform and Progressive Conservative parties to unite.
At the time, she was president, chief executive officer and a member of the board of directors.
She lost the leadership race, but was elected to Parliament, then later crossed the floor to join the Liberal Party and take a cabinet seat.
Ms. Stonach said she will not stand for re-election in the next federal election.
“I am always assessing the best role I can play in public life and after being encouraged by members of the corporate leadership at Magna to return, I have decided the timing of my return to the business should not be delayed,” Ms. Stronach said in a release.
I just don't know what to say <sob> I can't believe <blubber> this has happened... I'm all busted up inside ... !!
Stronach quitting politics for Magna
GREG KEENAN AND GLORIA GALLOWAY
Globe and Mail Update
TORONTO and OTTAWA — Belinda Stronach, who left Magna International Inc. to forge a career in politics, is returning to the company her father Frank Stronach founded in a Toronto garage in 1957.
Ms. Stronach will replace Fred Gingl as executive-vice chairman of Magna, returning at a time when Magna is in the midst of teaming up with Onex Corp. to consider a bid to buy Chrysler.
“My father is looking to the future, the company is facing important strategic decisions and the Canadian and global auto sector and economy is in a period of great challenge,” Ms. Stronach said in a statement issued Wednesday.
Magna is one of four entities interested in separating Chrysler from its parent DaimlerChrysler AG after DaimlerChrysler effectively put the unit up for sale earlier this year.
Belinda Stronach is seen here making her way to a session at the Liberal Leadership Convention in Nov., 2006, in Montreal. On Wednesday, Ms. Stronach announced she will not stand for re-election as a Member of Parliament in the next federal election and will return to Magna International, where she will become executive vice-chairman. (CP)
Ed Lumley, who is departing as Magna's lead director when a new board of directors is elected next month, said Ms. Stronach brings “an unparalleled understanding of Magna's unique corporate culture, which has been the major contributor to Magna's historical success.”
She has extensive experience in the auto industry and has gained national and international exposure as a federal Cabinet minister.
She left the company in January, 2004, to run for the leadership of the federal Conservative Party, which she helped create by urging the leaders of the Reform and Progressive Conservative parties to unite.
At the time, she was president, chief executive officer and a member of the board of directors.
She lost the leadership race, but was elected to Parliament, then later crossed the floor to join the Liberal Party and take a cabinet seat.
Ms. Stonach said she will not stand for re-election in the next federal election.
“I am always assessing the best role I can play in public life and after being encouraged by members of the corporate leadership at Magna to return, I have decided the timing of my return to the business should not be delayed,” Ms. Stronach said in a release.
I just don't know what to say <sob> I can't believe <blubber> this has happened... I'm all busted up inside ... !!
