Magna International founder Frank Stronach sold the majority of his shares in the supplier and contract vehicle assembler earlier in June, marking his latest effort to cut ties with the company he founded about 40 years ago.
So far this month, Stronach has cut his position in the Aurora, Ontario-based company to 1m shares from more than 6.5m, at share prices between about $45 and $48, Dow Jones reported, citing a company regulatory filing.
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The selling activity comes after Stronach, 78, in May stepped down as board chairman, a position he had held since November 1971, and after he received last year US$1bn in stock, cash and consulting fees as part of deal to allow Magna to collapse its controversial dual-class share structure.
Stronach remains a company director, but he made his frustation overseeing a public company clear at the end of March in the company’s latest annual report.
At that time, he cited “the increasingly restrictive rules governing the management of (public) companies” as one of the factors behind his decision to relinquish voting control, the news agency noted.
