Frank Stronach Could Return to Helm of Magna International

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.

According to various media reports, Magna CEO Belinda Stronach is seriously considering a bid to run for leadership of Canada's Conservative Party.

While Magna International has a management team that includes vice-chairmen Siegfrid Wolf and Fred Gingil, Frank Stronach said it is possible he would step in to fill his daughter's role should she run for office and be elected.

"Would I take it temporarily for a half a year or a few months? It's possible," the Toronto Globe and Mail quoted Frank Stronach in reference to the possibility of reassuming management of the company he founded in 1957. The newspaper noted that Frank Stronach said he would only serve on a temporary basis and that a new president would be installed at Magna if it became evident that Belinda Stronach was going to be involved in politics for an extended period.

According to published reports, Belinda Stronach has not made a decision on whether to seek the Conservative Party office.

Frank Stronach, who was a Liberal candidate in the 1988 federal election, said he supports his daughter's consideration of public office, the Globe and Mail reported.

In addition to Magna International and owning an extensive Thoroughbred horse racing and breeding entity, Frank Stronach also founded Magna Entertainment, one of the leading racetrack ownership companies in the U. S.