TORONTO -- Magna International Inc. might consider operating without a CEO, a top official at the autoparts company said on Thursday, now that CEO Belinda Stronach has stepped down to seek political office.
Vincent Galifi, Magna's CFO, said major decisions have long been made by a group of senior executives that included himself, Stronach and two executive vice-chairmen, Manfred Gingl and Siegfried Wolf.
"From a day-to-day perspective, we're just going to continue to operate the way we have. Magna's been run like a partnership for a number of years," he said in a Web cast financial conference from Miami.
Asked whether Magna would be comfortable being run without a chief executive, Galifi said: "That could be an option, that's right."
Stronach resigned as Magna president and CEO last month and joined the race to become leader of the federal Conservative Party.
Her father, Magna founder and chairman Frank Stronach, stepped in as interim CEO and a committee was struck to find a permanent replacement.
Galifi said Belinda Stronach's departure would have no impact on Magna's ownership structure