Magna Founder Frank Stronach Given $1 Billion Severance Package
July 23rd, 2010 6:13 PM
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Auto parts maganate Frank Stronach, who founded Magna International Inc. is being given a $1 billion dollar golden parachute for him to exit the giant corporation he founded in 1957.
Stronach is something of a folk hero in Canada, where Magna is based. A penniless immigrant from Austria, Stronach founded the company and grew it from a small auto parts maker into a massive conglomerate that assembles vehicles like the BMW X3 and the Mercedes-Benz G-Class. The deal must be approved in Canadian courts before it can go through.
[Source: Toronto Star]
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