Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Frank Stronach
Country of residence : Canada
Birthday : 09/06/1932
Linked companies : Magna International Inc - Magna Entertainment Corp

Magna Founder Stronach Steps Down from Board; 3rd-Quarter Profit Jumps

11/08/2012 | 07:24am US/Eastern
     By Judy McKinnon 
 

Magna International Inc. (MGA) said Thursday its founder, Frank Stronach, is stepping down from its board, effective immediately.

Mr. Stronach will remain honorary chairman of the Canadian auto-parts giant.

"It has been two years since control of Magna has changed hands and, in that time, I have become involved in numerous activities outside of the automotive industry. One of these activities involves politics in Austria and I do not want my political views to be confused with my role on Magna's board," Mr. Stronach said in a statement.

Separately, Magna said its third-quarter profit nearly quadrupled, helped in part by a gain related to its E-Car Systems Partnership purchase, while sales climbed 6%.

Third-quarter earnings rose to $390 million, or $1.66 a share, from $102 million, or 42 cents, a year earlier. Results in the latest quarter included a gain of 53 cents a share related to the purchase of a stake in Magna E-Car Systems Partnership, while expenses in the year-ago quarter reduced earnings by 52 cents a share.

Stripping out the gain in the latest quarter, results were still ahead of the Thomson Reuters mean estimate of $1.02 a share.

Third-quarter sales rose 6% to $7.41 billion, ahead of the $7.04 billion analysts expected.

The company updated its outlook for the year and now projects 2012 total sales of $30.3 billion to $31.2 billion, ahead of its most recent forecast for $29 billion to $30.5 billion. Complete vehicle assembly sales for the year are forecast at $2.4 billion to $2.6 billion.

Write to Judy McKinnon at judy.mckinnon@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news about Frank Stronach 
The Heritage Foundation - Book discussion
2014 - TIME: 12 noon EVENT: The Heritage Foundation holds a book discussion on "The Magna Man: My Road to Economic Freedom," an autobiography about Frank Stronach's business success as "one of the
The Heritage Foundation - Book discussion
2014 - TIME: 12 noon EVENT: The Heritage Foundation holds a book discussion on "The Magna Man: My Road to Economic Freedom," an autobiography about Frank Stronach's business success as "one of the
Magna vows to stop founder Stronach's compensation at end of 2014
2014 - TORONTO (Reuters) - Magna International Inc, one of the world's biggest auto parts makers, paid $52 million in consulting fees to billionaire founder Frank Stronach in 2013, but the company is stressing that his compensation will stop at the ...
Tycoon-politician Stronach aims to put enterprise into Austria
2013 - OBERWALTERSDORF, Austria (Reuters) - "The government is the management team of a country and unfortunately that management is made up of politicians."
Advertisement
Popular Business Leaders 
Sheldon Adelson Paul Allen Mukesh Ambani Bernard Arnault Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Marc De Lacharrière Benjamin De Rothschild Jean-baptiste Descroix-vernier Barry Diller Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Lakshmi Mittal Rupert Murdoch Nelson Peltz Patrick Ricard Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump Guy Wyser-pratte Jerry Yang
A-Z Business Leaders
Most Read News 
NantWorks Announces Launch of an Immuno-Oncology Company, NantCell, and Licensing Agreement with Amgen for an Oncology Antibody
7 days ago - By a News Reporter-Staff News Editor at Biotech Week -- NantCell, LLC, a subsidiary of NantWorks, LLC, focusing on the di...
Icahn Stirs Activist Pot on Possible Takeovers
01/22 - By Liz Hoffman And Lukas I. Alpert Carl Icahn thinks that eBay Inc.'s PayPal and Gannett Co.'s publishing business...
Gross Invested $700 Million in Janus Fund -- Update
01/22 - By Kirsten Grind Janus Capital Group Inc. confirmed that the bulk of the money flowing into the new bond fund of s...
Apple's Cook gets hefty bonus for 2014
01/22 - SAN FRANCISCO — Apple CEO Tim Cook got a hefty cash bonus that brought his total compensation to $9.2 million last ...
Chairman Sheldon Adelson Will Be Appointed as CEO Effective March 6
01/23 - By Chester Yung Hong Kong-listed Sands China Ltd. , a casino operator in Macau, said Friday its chairman Sheldon...
More news
Dynamic quotes  
ON
| OFF