Magna International chairman Frank Stronach has agreed to allow shareholders to vote on eliminating his family's special rights and adopt a single class of stock for the auto parts company.
Frank Stronach is chairman of Magna Entertainment Corp., a major racetrack operator that filed for Chapter 11 bankruptcy protection March 5. He also is the owner of Adena Springs, which won its fifth consecutive Eclipse Award as outstanding breeder in 2008 while Stronach picked up his fourth Eclipse as outstanding owner. Stronach discussed the MEC bankruptcy with The Blood-Horse following the Adena Springs sale of 2-year-olds in training.
Following a transition period, MI Developments chief executive officer and board member John Simonetti said he will leave his post, but he offered no timeline Aug. 8 during a conference call on the company's second-quarter earnings.
Former Magna Entertainment Corp. executive Graham Orr has won a $1.6-million judgment against his former employer in a wrongful dismissal case, according to a published report.
Magna International shareholders approved a plan Aug. 28 that will allow Russian Machines to acquire a 42% stake in the international auto parts supplier for $1.5 billion.
Based on the recommendations of a special committee of independent directors, the board of Magna Developments has come out against proposals from Greenlight Capital Inc.
A 1999 "forbearance agreement" that prevents Magna International from investing in operations such as Magna Entertainment Corp. won't be renewed next year, Magna chairman Frank Stronach told the Toronto Globe and Mail newspaper.
Magna Entertainment Corp. chief executive officer Jim McAlpine Nov. 3 acknowledged the company's substantial third-quarter loss and said it would re-examine its strategy and direction moving forward.
The Aurora, Ontario-based Magna Entertainment Corp., one of North America's leading owners of major horseracing tracks, announced Tuesday that its third quarter losses reached $50.3 million.
Frank Stronach, chairman of auto-parts company Magna International and Magna Entertainment Corp., was compensated $36.2 million by Magna International in 2003.
- By Ray Paulick
By Ray Paulick -- This note to Kentucky legislators: Friends Lake, winner of the $1-million Florida Derby (gr. I) March 13, was foaled in New York, the same state that produced Funny Cide, winner of last year's Kentucky Derby (gr. I).
Belinda Stronach, daughter of Magna International owner Frank Stronach, won the Conservative Party nomination in Canada March 9 over Lois Brown, a long-time Canadian Alliance worker.
William Biggar has resigned as president and chief executive officer of MI Developments, which is the parent company of Magna Entertainment Corp. He will be replaced by Werner Czernohorsky, formerly president of the Construction Group.
Thoroughbred horse owner-breeder Frank Stronach could reassume his role as chief executive officer of auto-parts manufacturer Magna International if his daughter Belinda is elected to public office in Canada.
MI Developments, a real-estate spin-off of Magna International and majority shareholder of Magna Entertainment Corp., offered its first quarterly earnings report Wednesday on a pro forma basis.
Magna International has proposed a new publicly traded company--MI Developments Inc.--that would own all of Magna's automotive real estate as well as all of Magna Entertainment Corp., the leading owner of racetracks in North America in terms of holdings.
Magna International chairman Frank Stronach earned $58.1 million (Canadian) last year, most of it from consulting fees from three European subsidiaries, according to newspaper reports in Canada.
Biovail Corp. chairman and chief executive officer Eugene Melnyk has topped Magna International chairman Frank Stronach in terms of highest compensation in corporate Canada in 2001, the Toronto Globe and Mail reports.
Andy Stronach, son of Magna Entertainment founder Frank Stronach, has left his father's racing conglomerate to focus on a new company that will manufacture a self-service pari-mutuel teller for novice bettors.
Former president Bill Clinton and golf pro John Daly were among those invited to a charity golf tournament Monday at Magna Golf, a private course owned by Magna International in Aurora, Ontario, Canada. The Globe and Mail of Toronto reported that money raised during the tournament would go to Toronto's Hospital for Sick Children.
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. Magna International reported a 6% decline in fourth-quarter earnings from the year-earlier period. Revenue climbed 6%.
Magna Entertainment is planning an interactive wagering system that will utilize television and the Internet, according to comments made by company president and CEO Mark B. Feldman.
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