Magna names Philip Fracassa as new chief financial officer

Magna International Inc. (NYSE: MGA; TSX: MG) appointed Philip D. Fracassa as executive vice president and chief financial officer, effective immediately, the automotive supplier announced.

Fracassa succeeds Patrick McCann, who is stepping down after more than 26 years with Magna, including serving as CFO since 2022. McCann will remain in an advisory role until the end of February 2026 to support the transition.

The new CFO 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 at Timken, Fracassa played a role in developing and executing the company's strategy to drive growth and improve returns.

Fracassa brings automotive and industrial sector experience across various functional areas, including tax, treasury, controlling, and corporate planning through prior roles at Timken, Visteon Corporation, General Motors, and Price Waterhouse. He holds a bachelor's degree in accounting and a juris doctor degree from the University of Detroit Mercy, and is a registered certified public accountant and licensed attorney in Michigan.

"Phil is a seasoned financial leader with a strong track record of delivering results and driving transformation," said Swamy Kotagiri, Magna's president and chief executive officer. "His experience and perspective will be invaluable as we continue executing our strategy and advancing Magna's financial position."

The appointment comes as Magna continues to execute its long-term strategy, building on what the company described as strong first-half performance and working to deliver on its full-year outlook disclosed in August.

Magna operates approximately 338 manufacturing operations and 106 product development, engineering and sales centers across 28 countries with about 164,000 employees, according to the press release.

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