Canadian auto parts supplier Magna International (MGA) has announced the appointment of a new chief financial officer (CFO).
Philip D. Fracassa takes over as the Aurora, Ontario-based company’s new CFO after Patrick McCann stepped down from the post.
The new appointment comes at an important time for Magna, which is weathering U.S. tariffs on automobiles and related parts.
Magna has announced a series of cost-cutting measures this year, including reduced capital and engineering spending, to help soften the blow from American tariffs.
Fracassa is an outsider who joins Magna International after 20 years at bearings and industrial motion products maker The Timken Company (TKR), where he previously served as CFO.
He also previously worked at Detroit automaker General Motors (GM) and accounting firm PricewaterhouseCoopers.
Magna’s New York-listed stock has gained 11% this year to trade at $45.79 U.S. per share.
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