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A series of individually pedestrian stories have hit the media this week about goings on at the top of the Magna companies. First, it appears that Frank's found someone to replace his daughter at the nominal helm of the business. (Qualifications: business acumen, auto industry experience, willingness to let Frank do what he wants, direct family relationship not required but would be an assets . . .) The G&M story is here: Magna names new president. Then ol' Buttermilk Billy Davis abruptly leaves his positions on two of Magna's boards of directors (Bill Davis leaves 2 Magna boards). One of those was Magna Entertainment Corp. (MEC), the other MI Developments.
This wouldn't be such a big thing either until you add to it the latest (broke Friday and covered on Saturday) news of Brian Tobin also abruptly leaving his position as CEO of MI Developments and as a director of MEC: Tobin leaves Magna group. Add it all up, particularly the defections from MI and MEC at the director level, and I'm betting that something nasty is going to appear about that situation in the not too distant future. I mean apart from the minority shareholders getting screwed by Stronach. . .
Posted by Grayson at August 21, 2004 08:50 AM