Frank Stronach, CM (born Franz Strohsack; 6 September 1932) is an Austrian and Canadian businessman and politician.
He is the founder of Magna International, an international automotive parts company based in Aurora, Ontario, Canada, Granite Real Estate, and Stronach Group, which specializes in horse-racing. With an estimated net worth of $CAD 3.12 billion (as of November 2013), Stronach was ranked by Canadian Business as the 19th wealthiest Canadian.
In 2011, he entered Austrian politics: founding the Stronach Institute to campaign for classical liberalism and against the euro. In 2012, he founded the political party Team Stronach for Austria.
Early life and family
Born as Franz Strohsack in Kleinsemmering, Styria, Austria to working-class parents, Stronach’s childhood was marked by the Great Depression and the Second World War. At age 14, he left school to apprentice as a tool and die maker. In 1954, he arrived in Montreal, Quebec, and later moved to Ontario.
Family
He married Elfriede Sallmutter, a fellow Austrian. They have two children: Belinda Stronach, a former Liberal (and previously Conservative) MP and former CEO of Magna, and Andrew Stronach, who is involved in thoroughbred horse racing, via the Adena Springs Farms breeding operations. He divides his time between Oberwaltersdorf, Austria and Aurora, Ontario.
Business career
In 1956, Stronach started his first business, Multimatic Investments Ltd., in the old manufacturing district of Toronto. In 1969, his firm acquired its first automotive parts contract and merged with Magna Electronics. In 1973, the name was converted from Multimatic Investments Ltd to Magna International Ltd. Over the following decades, after several mergers and acquisitions, his business gradually became the major force it is today. Stronach, who is currently the non-executive chairman of Magna International, holds multiple-voting shares of the company, which gives him majority voting power over issues brought to shareholder vote. Although he controls the voting power among Magna’s shareholders, Stronach owns only 4% of Magna’s equity. His pay packages over the past few years have been between $30 and 50 million CAD.
Summary
| Frank Stronach | |
|---|---|
| Born | Franz Strohsack 6 September 1932 Kleinsemmering, Styria, Austria |
| Nationality | Austrian and Canadian |
| Occupation | Businessman Racehorse owner/breeder |
| Spouse(s) | Elfriede Sallmutter |
| Children | Belinda, Andrew |
| Awards | Thoroughbred horse racing awards:
|
| Honours | Order of Canada (1999) |
Source:wikipedia