Belinda Stronach is not only the new captain of Magna International Inc., she has her hand on the tiller, guiding the auto parts juggernaut on a well-defined course.
“I do see my role as being custodian of the culture,” says Magna's new CEO and vice chairman.
Ms. Stronach, 38-year-old daughter of Magna founder and chairman Frank Stronach, tops the organizational chart in the wake of a management shuffle that establishes five autonomous “super groups,” with Magna International at the center.
Ms. Stronach tells Ward's she will maintain the management style spelled out in Magna's corporate constitution — a document that pledges to give to its boosters, from employees to shareholders, 25% of the company's pre-tax profits.
“I think our track record proves it's a recipe for success,” says Ms. Stronach, vigorously denying that Magna — the target of union organizers in Canada and the U.S. — tries to buy loyalty.
“Our first and foremost reason for having this culture is, how do we stay more competitive … how do we motivate our work force?”
Employees, she adds, are “listened to … and they make a difference to the bottom line.”