TORONTO -- Belinda Stronach, 37, resigned last week as CEO of parts supplier Magna International and announced her candidacy for the leadership of Canada's Conservative Party.
Reuters reported that Stronach's father, Magna founder and Chairman Frank Stronach, will become interim CEO until the company finds a replacement.
Merrill Lynch Analyst John Casesa said Magna has navigated numerous leadership changes in recent years -- Fred Gingle, John Doddridge, Don Walker and Jim Nicol -- "without missing an operating beat, and we think this time will be no different."
That's because the company is highly decentralized and unit leaders have considerable control over their operations. In the short term, the corporate management changes have little impact on plants, customer relationships and sales activities, he says. Moreover, the company is a family-controlled company and is run like one.
Stronach held a press conference on Tuesday to say she was joining the Conservative Party's leadership contest.