Magna Names Philip D. Fracassa Chief Financial Officer
Magna (NYSE:MGA) has appointed Philip D. Fracassa as Executive Vice-President and Chief Financial Officer, effective immediately. Fracassa succeeds Patrick McCann, who is stepping down after more than 26 years with the company, including serving as CFO since 2022. McCann will remain in an advisory role until February 2026.
Fracassa joins Magna from The Timken Company (NYSE:TKR), where he served as CFO for over a decade during his 20-year tenure. He brings extensive automotive and industrial sector experience from roles at Timken, Visteon Corporation, General Motors, and Price Waterhouse. The appointment aligns with Magna's strategy to drive sustainable shareholder value through operational excellence, financial discipline, and efficient capital allocation.
Magna (NYSE:MGA) ha nominato Philip D. Fracassa Executive Vice-President e Chief Financial Officer, con effetto immediato. Fracassa succede a Patrick McCann, che si dimette dopo oltre 26 anni in azienda, inclusi gli anni in cui ha ricoperto il ruolo di CFO dal 2022. McCann rester脿 in un ruolo di consulenza fino a febbraio 2026.
Fracassa arriva in Magna da The Timken Company (NYSE:TKR), dove 猫 stato CFO per pi霉 di un decennio nel corso di un incarico di 20 anni. Porta con s茅 una vasta esperienza nei settori automobilistico e industriale maturata in ruoli presso Timken, Visteon Corporation, General Motors e Price Waterhouse. La nomina 猫 in linea con la strategia di Magna di creare valore sostenibile per gli azionisti attraverso l'eccellenza operativa, la disciplina finanziaria e un efficiente impiego del capitale.
Magna (NYSE:MGA) ha designado a Philip D. Fracassa como Vicepresidente Ejecutivo y Director Financiero, con efecto inmediato. Fracassa sustituye a Patrick McCann, quien se retira tras m谩s de 26 a帽os en la compa帽铆a, incluidos sus a帽os como CFO desde 2022. McCann permanecer谩 en un papel de asesor铆a hasta febrero de 2026.
Fracassa llega a Magna procedente de The Timken Company (NYSE:TKR), donde ejerci贸 como CFO durante m谩s de una d茅cada en una trayectoria de 20 a帽os. Aporta amplia experiencia en los sectores automotriz e industrial adquirida en puestos en Timken, Visteon Corporation, General Motors y Price Waterhouse. El nombramiento est谩 alineado con la estrategia de Magna para impulsar un valor sostenible para los accionistas mediante la excelencia operativa, la disciplina financiera y una asignaci贸n eficiente del capital.
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Magna (NYSE:MGA) a nomm茅 Philip D. Fracassa au poste de Vice-pr茅sident ex茅cutif et Directeur financier, avec effet imm茅diat. Fracassa succ猫de 脿 Patrick McCann, qui se retire apr猫s plus de 26 ans au sein de l'entreprise, y compris en tant que CFO depuis 2022. McCann restera en r么le consultatif jusqu'en f茅vrier 2026.
Fracassa rejoint Magna en provenance de The Timken Company (NYSE:TKR), o霉 il a exerc茅 la fonction de CFO pendant plus d'une d茅cennie au cours de ses 20 ann茅es de carri猫re. Il apporte une vaste exp茅rience dans les secteurs automobile et industriel acquise chez Timken, Visteon Corporation, General Motors et Price Waterhouse. Cette nomination s'inscrit dans la strat茅gie de Magna visant 脿 g茅n茅rer une valeur durable pour les actionnaires gr芒ce 脿 l'excellence op茅rationnelle, la discipline financi猫re et une allocation efficace du capital.
Magna (NYSE:MGA) hat Philip D. Fracassa mit sofortiger Wirkung zum Executive Vice-President und Chief Financial Officer ernannt. Fracassa folgt auf Patrick McCann, der nach 眉ber 26 Jahren im Unternehmen zur眉cktritt, darunter seine T盲tigkeit als CFO seit 2022. McCann wird bis Februar 2026 in einer beratenden Funktion verbleiben.
Fracassa kommt von The Timken Company (NYSE:TKR) zu Magna, wo er w盲hrend seiner 20-j盲hrigen T盲tigkeit mehr als ein Jahrzehnt als CFO t盲tig war. Er bringt umfassende Erfahrung im Automobil- und Industriesektor mit, die er bei Timken, Visteon Corporation, General Motors und Price Waterhouse gesammelt hat. Die Ernennung steht im Einklang mit Magnas Strategie, nachhaltigen Aktion盲rswert durch operative Exzellenz, finanzielle Disziplin und effiziente Kapitalallokation zu schaffen.
- Appointment of seasoned CFO with over 20 years of relevant industry experience
- Smooth leadership transition with previous CFO staying on as advisor until February 2026
- Company reports strong first-half performance and maintains full-year outlook
- Loss of long-term executive with 26 years of company experience
Insights
Magna's CFO transition brings seasoned financial leadership without disrupting strategic continuity, maintaining stability during strong performance period.
Magna's appointment of Philip Fracassa as CFO represents a well-managed executive transition that maintains leadership continuity while bringing fresh financial expertise. Fracassa's decade-long CFO experience at Timken provides Magna with proven financial leadership during a critical period when the company is building on its strong first-half performance.
The structured six-month transition period with outgoing CFO Patrick McCann serving in an advisory role until February 2026 demonstrates prudent succession management, minimizing operational disruption. This orderly handover is particularly important as Magna works to deliver on the full-year outlook disclosed last month.
Fracassa brings valuable credentials to Magna's executive team - his experience spans multiple industries including automotive (Visteon, GM) and industrial manufacturing (Timken), along with his accounting, legal, and advanced management qualifications. His track record at Timken specifically included developing strategies for profitable growth and improved returns, aligning well with Magna's stated priorities of operational excellence and efficient capital allocation.
The timing of this transition coincides with Magna's positive performance trajectory, suggesting the company is making this change from a position of strength rather than necessity. For investors, this leadership change maintains strategic continuity while potentially enhancing Magna's financial optimization capabilities through Fracassa's extensive experience in corporate finance and capital deployment.
- Patrick McCann to step down after more than 26 years with Magna, including as CFO since 2022
- Philip Fracassa joins Magna as CFO effective immediately after 20 years at The Timken Company (NYSE: TKR), where he held the CFO role for over a decade
- Magna looks forward to continuing to execute on its long-term strategy, including by building on its strong first-half performance and delivering on its full-year outlook disclosed in August
AURORA, Ontario, Sept. 11, 2025 (GLOBE NEWSWIRE) -- Magna today announced the appointment of Philip D. Fracassa as Executive Vice-President and Chief Financial Officer (CFO), effective immediately. He succeeds Patrick McCann, who will step down following a distinguished career spanning more than 26 years with Magna. To support a seamless transition, McCann will remain in an advisory role until the end of February 2026.
鈥淚 would like to extend my gratitude to Pat for his significant contributions and partnership, particularly during a dynamic period in the global economy and our industry,鈥� said Swamy Kotagiri, Magna President and Chief Executive Officer. 鈥淥n behalf of the entire Magna team, we wish him the very best in his future endeavors.鈥�
鈥淪erving as CFO has been a privilege, and I鈥檓 grateful to have worked alongside such a talented team,鈥� said McCann. 鈥淢agna is well-positioned for continued success, and I鈥檓 confident the team will carry that momentum forward.鈥�
Fracassa鈥檚 appointment aligns with Magna鈥檚 strategy to drive sustainable shareholder value through operational excellence, financial discipline, and efficient capital allocation. His deep experience in corporate finance, strategic planning, and capital deployment will be instrumental as Magna builds on its strong first-half performance and delivers on its full-year outlook disclosed in August.
鈥淧hil is a seasoned financial leader with a strong track record of delivering results and driving transformation,鈥� said Kotagiri. 鈥淗is experience and perspective will be invaluable as we continue executing our strategy and advancing Magna鈥檚 financial position. I am looking forward to partnering with Phil on our continued journey.鈥�
Fracassa joins Magna after 20 years at The Timken Company (NYSE: TKR), where he served as Executive Vice-President and CFO since 2014. During his tenure, he played a central role in developing and executing Timken鈥檚 strategy to drive profitable growth and improve returns. He brings extensive automotive and industrial sector experience across various functional areas, including tax, treasury, controlling, and corporate planning through his prior roles at Timken, Visteon Corporation, General Motors, and Price Waterhouse.
Fracassa holds a bachelor鈥檚 degree in accounting and a juris doctor degree in law from the University of Detroit Mercy. He is a registered certified public accountant and licensed attorney in Michigan, and completed the Advanced Management Programme at INSEAD in France.
鈥淚鈥檓 honored to join Magna and thrilled about the opportunity to contribute to the company鈥檚 continued growth and success,鈥� said Fracassa. 鈥淢agna鈥檚 reputation for innovation, operational excellence, and global reach is unmatched. I look forward to partnering with our talented team to help drive performance and create long-term value.鈥�
For additional inquiries or questions, please contact Louis Tonelli.
INVESTOR CONTACT
Louis Tonelli, Vice President, Investor Relations
[email protected] 鈹偮犅� 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
[email protected] 鈹� 248.761.7004
ABOUT MAGNA INTERNATIONAL
Magna is more than one of the world鈥檚 largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of approximately 164,000 employees across 338 manufacturing operations and 106 product development, engineering and sales centres spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.
For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE 鈥淔ORWARD-LOOKING STATEMENTS鈥� UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA鈥橲 REGULATORY FILINGS. PLEASE REFER TO MAGNA鈥橲 MOST CURRENT MANAGEMENT鈥橲 DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA鈥橲 SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA鈥橲 WEBSITE AT WWW.MAGNA.COM.
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