Mike Harris exits role as chairman of auto parts maker Magna International
March 30, 2012 by The Canadian Press
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, Magna said.
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.
“With these important benefits to Magna and its shareholders now fully realized, I will be retiring from the board, along with two of my long-time board colleagues, Donald Resnick and Louis Lataif,” he wrote. “We are proud of the board’s accomplishments during our tenure. As chairman of the board and of the nominating committee, I am particularly pleased to be leaving Magna in the hands of a renewed and highly skilled board, and an experienced and effective management team.”
Following a lawsuit from some major investors, Magna disclosed in December that Harris, Lataif and Resnick received just 38 percent 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 $863 million US in cash and shares — a premium of about 1,800 percent.