Belinda Stronach, the 34-year-old daughter of Magna International chairman Frank Stronach, has been named chief executive officer and vice chairwoman of the company, the Wall Street Journal reported in Friday's edition. Belinda Stronach takes over for her husband, Donald Walker, who will lead Magna's Interiors and Magna Steyr divisions.
Belinda Stronach has served as executive vice president and a director of Magna, an auto-parts supplier. James Nicol, formerly vice chairman of Magna, was named president and chief operating officer, the newspaper reported.
Magna International reported a 6% decline in fourth-quarter earnings from the year-earlier period. Revenue climbed 6%.
Magna Entertainment, of which Frank Stronach is chairman, falls under Magna International. Magna Entertainment was formed to purchase racetracks, and thus far it has bought seven: Bay Meadows, Golden Gate Fields, Great Lakes Downs, Gulfstream Park, Remington Park, Santa Anita Park, and Thistledown.
Earlier this week, Magna Entertainment eported a net loss of $9.2 million during the fourth quarter of 2000. For the year, the company reported net income of $441,000 on revenue of $413.6 million. The fiscal year profit was a reversal from 2000, when Magna posted a $62,000 loss; the 2000 fourth-quarter loss was $3 million.