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.