Class of 1996
Frank Stronach, Chairman, Magna International Inc., a worldwide automotive parts manufacturer.
In postwar Austria, Frank left school at 14 to work as a tool and die maker. With savings of two hundred dollars, he immigrated to Canada in 1954. Three years later he opened a one-man tool shop in a rented garage. Following an initial order to supply parts to General Motors, the small firm expanded into the production of automotive components and began growing rapidly.
By the 1990’s, Magna had become one of the largest automotive parts suppliers in the world with revenue in the billions. A generous financial contributor to the community, Frank established The Magna For Canada Scholarship Fund, a national forum where students can express their beliefs and ideas for a more prosperous and united Canada.
One of Canada’s best known executives, Frank believes employees should share in their company’s profits and ownership. His Fair Enterprise philosophy of profit and equity participation is contained in a unique Corporate Constitution and has played a major role in Magna’s success. With close to 100 plants employing some 24,000 people in 10 countries, Magna supplies parts and systems to the leading automakers of North America, Europe and Japan.
On success, Frank Stronach believes, “people want quality service and products. If you can provide that, the opportunity for success exists.”