AURORA, Ont. – Frank Stronach is resigning from the board of Magna International Inc., the autoparts giant he founded in his garage in 1957.

Magna announced the resignation of Stronach on Thursday in its third-quarter earnings report, which showed a big increase in profits at the Aurora, Ont.,-based concern which today employs about 117,000 people in 27 countries around the world.

The company says profits soared to US$390 million, or $1.66 per diluted share in the three months ended Sept. 30, up from US$102 million or 42 cents a share in the same quarter a year ago.

Sales totalled US$7.41 billion, up from $6.97 billion in the year-ago quarter.

Stronach said in a statement that in the two years since he gave up control of the company he has become involved in a number of activities outside the automotive industry.

One of those interests is politics in his native Austria.

“I do not want my political views to be confused with my role on Magnas board,” he said. “As a result, I feel the time is right to step down.”

Stronach said that as honorary chairman he would “always be available to provide any guidance that management or the board requires.”

CEO Don Walker said he wanted to assure all Magna stakeholder that the company remains “fully committed” to “the fair enterprise culture that Frank founded (and) have been the cornerstone of Magnas success over the years and we expect they will be key to our future success.”

Magna is a leading global automotive supplier with 305 manufacturing operations and 88 product development, engineering and sales centres offering everything from parts to full vehicle assembly.

Follow @Cdnmetalworking