Magna International Inc. founder Frank Stronach is returning to head the company while his daughter Belinda seeks the leadership of Canada's federal Conservative Party.
Frank Stronach will act as interim president for the Aurora-based auto parts major, Magna announced Jan. 20. He said in a news release that other members of the firm's senior management team will assume increased responsibilities.
Belinda Stronach resigned as Magna president and chief executive officer. Magna has formed a committiee to search for her replacement. She also resigned as a Magna director and as chairman of Magna subsidiaries Decoma International Inc., Intier Automotive Inc. and Tesma International Inc.
She announced she will seek the party leadership about a month after she helped unite rival conservative factions, the Progressive Conservatives and the Alliance Party, into a new Conservative Party. She will compete against two veteran politicians, Stephen Harper and Tony Clement. Public reports suggest a Conservative leadership convention could be scheduled in March.