Magna Names Philip D. Fracassa Chief Financial Officer

Core Points - Magna has appointed Philip D. Fracassa as Executive Vice-President and Chief Financial Officer (CFO), effective immediately, succeeding Patrick McCann who has served for over 26 years [1][10] - McCann will remain in an advisory role until the end of February 2026 to ensure a smooth transition [1] - Fracassa's appointment is part of Magna's strategy to enhance shareholder value through operational excellence and financial discipline [2][10] Company Strategy and Performance - The company aims to build on its strong first-half performance and deliver on its full-year outlook disclosed in August [2][10] - Fracassa brings extensive experience in corporate finance and strategic planning, which will be crucial for advancing Magna's financial position [3][10] Leadership Background - Fracassa has 20 years of experience at The Timken Company, where he served as Executive Vice-President and CFO since 2014, contributing to profitable growth and improved returns [3][10] - He holds a bachelor's degree in accounting and a juris doctor degree in law, and is a registered CPA and licensed attorney in Michigan [4]