Former Ontario premier Mike Harris named Magna chairman
May 10, 2011 by The Canadian Press
Former Ontario premier Mike Harris has been named chairman of auto parts maker Magna International. Harris, who had been lead director at the company, takes over from Magna founder Frank Stronach, who remains honorary chairman and a director.
Harris will step into the role despite criticism of his handling of a controversial deal to buy out Stronach last year.
Magna eliminated its dual-class voting share structure that gave the Stronach family voting control of the company in a $1-billion agreement with Stronach.
Two proxy advisory firms had suggested shareholders oust Harris at Magna’s annual meeting last week, but he was re-elected.
Harris has served as a Magna director since 2003.