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Mike Harris exits role as chairman of auto parts maker Magna International


March 30, 2012
By The Canadian Press

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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.”

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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.