Magna International posts increased Q3 profit

Magna International annual general meeting in Toronto, May 10, 2012. THE CANADIAN PRESS/Aaron Vincent Elkaim

AURORA, Ont. - Frank Stronach is resigning from the board of Magna International Inc. (TSX:MB), the autoparts giant he founded in his garage in 1957.

Magna announced the resignation of Stronach in its third-quarter earnings report, which showed a big increase in profits at the Aurora, Ont.,-based concern.

Stronach said in a statement that in the two years since he gave up control of the company he has become involved in a number of activities outside the automotive industry.

One of those interests is politics in his native Austria and Stronach said he didn't want his political views to be confused with his role on Magna's board.

Although he is giving up his seat on the board, Stronach says he will remain as Magna's honorary chairman and will remain available to provide any guidance the company may require.