Frank Stronach no longer sits on the board of Magna International Inc., but his compensation rose 15 per cent in 2012 to $47.3-million (U.S.).
Mr. Stronach founded the company in a Toronto garage in 1957, but has been slowly withdrawing from any role at the auto parts giant since 2010, when he sold multiple voting shares with which he controlled the company for decades. He resigned from the board last year and serves as honorary chairman.
Mr. Stronach’s participation in profit-sharing bonuses will end next year as part of the agreement under which he gave up control.
There were raises across the board for senior executives of the auto parts giant after it posted profit of $1.43-billion in 2012, up 41 per cent from $1.018-billion in 2011.
Chief executive officer Don Walker received $16.9-million total compensation compared with $15-million a year earlier.
Base salaries rose slightly to $325,000 for the top five executives from $310,500, but the bulk of compensation for Magna’s senior executives comes in the form of profit sharing.
Profit sharing bonuses ranged from $1.2-million for Jim Tobin, chief marketing officer and president of Magna Asia, to $8.1-million for Mr. Walker.Report Typo/Error