Frank
Stronach is the founder and Chairman of Magna International
Inc., one of the world's largest and most diversified suppliers of
automotive components, systems and modules.
The Company employs approximately 75,000 automotive
employees in 212 manufacturing divisions and
47 product development centres in 22 countries.
Magna designs and engineers a complete range of exterior and
interior vehicle systems for its customers, the worlds'
major carmakers. The Company also provides complete vehicle assembly and
engineering. Magna had record sales in 2003 of US $15.345
billion. Magna is listed and traded on
The Toronto Stock Exchange in Canada (MG.A) and The
New York Stock Exchange in the US (MGA).
Mr. Stronach was born in Weiz, Austria and immigrated
to Canada in 1954 with a working background in tool
and machine engineering. In 1957 he formed a tool and die company, Multimatic Investments
Limited, which subsequently expanded into the production of
automotive components. In 1969, Multimatic Investments Limited merged with
the Magna Electronics Corporation Limited, with Mr. Stronach as one of the controlling
shareholders. In 1973, Magna Electronics Corporation Limited was
transformed into Magna International Inc.
In 1971 Mr. Stronach introduced to the Corporation his management
philosophy, which is known as Fair Enterprise. It is based
on a business Charter of Rights which predetermines the
annual percentage of profits shared between employees, management and investors, and makes every
employee a shareholder in the company. These
rights are enshrined in a governing Corporate Constitution.
As Chairman of the Board of Magna International Inc., Mr.
Stronach co-ordinates global strategies for the Corporation in regard to technology,
marketing, product development and key management.
Mr. Stronach has served on numerous corporate, government
and university boards and has provided assistance to a wide
range of charitable and community service organizations. He is the recipient of
a Doctor of Philosophy, Honoris Causa from Haifa University
in Israel, a Doctor of Laws, Honoris Causa LL.D. from the University College
of Cape Breton, and a Doctor of Commerce, Honoris Causa from
St. Mary's University in Halifax. In 1996, Mr. Stronach was inducted into the
Canadian Business Hall of Fame. He won the 1997 "Business
Leader of the Year Award" from the Richard Ivey School of Business
and the 1998 "Entrepreneur of the Year Award" from the University of Michigan. In
1999 he was named a recipient of the Order of Canada and in 2000 he won the
Ernst & Young "Entrepreneur of the Year Lifetime Achievement Award." In 2002, the Canadian Council for
International Business named Mr. Stronach as the 2001 "Canadian
International Executive of the Year."
