Canadian Manufacturing

Harris exiting as Magna board’s chairman

The ex-premier of Ontario's controversial stint as board chairman ends after only one year



AURORA, Ont.—Former Ontario premier Mike Harris is exiting his role as chairman of auto parts maker Magna International Inc.

Harris and two other directors—Louis Lataif and Donald Resnick—won’t stand for re-election at the company’s annual general meeting in May.

In 2010, Magna shareholders voted in favour of eliminating the company’s dual-class share structure, which had caused its stock to trade at a discount, Harris wrote in a letter to shareholders.

Following a lawsuit from some major investors, Magna disclosed in December that Harris, Lataif and Resnick received just 38 per cent shareholder support at last year’s annual meeting.

The three directors oversaw a controversial deal to buy out founder Frank Stronach’s controlling stake for US$863 million in cash and shares—a premium of about 1,800 per cent.

Related Posts from the network