AURORA, Ontario, December 21, 2010 /PRNewswire/ -- Magna
International Inc. (TSX: MG., NYSE: MGA) announced today that
Belinda Stronach will be resigning
from her role as Executive Vice-Chair and member of the Board of
Directors, effective December 31,
2010.
Stated Michael D. Harris, Lead
Director, "The Board wishes to express our sincere and deep
appreciation to Belinda for the valuable contribution she has made
to Magna over many years and we wish Belinda every success in the
future."
As previously disclosed, the Nominating Committee of Magna's
Board is in the process of reviewing the composition of the Board.
The Nominating Committee has retained Russell Reynolds Associates,
an internationally recognized firm, to assist in its search for
potential future Board members, including a director to fill the
vacancy created by Ms. Stronach's resignation.
About Magna
We are the most diversified global automotive supplier. We
design, develop and manufacture technologically advanced systems,
assemblies, modules and components, and engineer and assemble
complete vehicles, primarily for sale to original equipment
manufacturers ("OEMs") of cars and light trucks. Our capabilities
include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body
and chassis systems; vision systems; electronic systems; exterior
systems; powertrain systems; roof systems; hybrid and electric
vehicles/systems as well as complete vehicle engineering and
assembly.
Magna has over 92,000 employees in 245 manufacturing operations
and 80 product development, engineering and sales centers in 25
countries.
For further information:
Vince Galifi, Executive
Vice-President and Chief Financial Officer at +1-905-726-7100