Patrick McCann resigns as CFO of Magna, succeeded by Philip Fracassa, effective immediately.
Quiver AI Summary
Patrick McCann is stepping down as CFO of Magna after over 26 years with the company, with Philip D. Fracassa appointed as his successor effective immediately. Fracassa brings two decades of experience from The Timken Company, where he served as CFO for over ten years. Magna is committed to executing its long-term strategy and building on its strong performance from the first half of the year. McCann will assist in the transition until February 2026. Fracassa’s background in finance and strategic planning will be crucial for Magna as it aims to enhance shareholder value and maintain its operational excellence in the automotive industry.
Potential Positives
- Philip Fracassa joins Magna as the new CFO, bringing over a decade of experience in financial leadership from his previous role at The Timken Company.
- The company is poised to continue its long-term strategy and strong performance, evidenced by its solid first-half results and positive full-year outlook.
- Fracassa's extensive experience in corporate finance, strategic planning, and capital deployment is expected to be instrumental in driving Magna's objectives and enhancing its financial position.
Potential Negatives
- Patrick McCann, who has been with Magna for over 26 years, is stepping down as CFO, which raises concerns about potential leadership instability and the impact on company strategy.
- Transitioning to a new CFO, Philip Fracassa, immediately may disrupt ongoing financial operations and strategic initiatives during this adjustment period.
- The mention of a "dynamic period in the global economy" could imply external challenges that may affect Magna's performance moving forward, warranting caution from investors.
FAQ
Who is the new CFO of Magna?
Philip D. Fracassa has been appointed as the new Chief Financial Officer (CFO) of Magna.
How long did Patrick McCann serve as Magna's CFO?
Patrick McCann served as Chief Financial Officer since 2022 and had a total tenure of over 26 years with Magna.
What will Patrick McCann's role be after stepping down?
Patrick McCann will remain in an advisory role until the end of February 2026 to ensure a smooth transition.
What is Philip Fracassa's background before joining Magna?
Before joining Magna, Fracassa served as CFO at The Timken Company for over a decade and has extensive finance experience.
What is Magna's long-term strategy following this leadership change?
Magna aims to drive sustainable shareholder value through operational excellence, financial discipline, and efficient capital allocation.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MGA Congressional Stock Trading
Members of Congress have traded $MGA stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $MGA stock by members of Congress over the last 6 months:
- REPRESENTATIVE DAN NEWHOUSE sold up to $15,000 on 04/11.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$MGA Hedge Fund Activity
We have seen 192 institutional investors add shares of $MGA stock to their portfolio, and 221 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BEUTEL, GOODMAN & CO LTD. removed 5,536,590 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $213,767,739
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 2,208,273 shares (+116.6%) to their portfolio in Q2 2025, for an estimated $85,261,420
- FIL LTD added 2,090,077 shares (+48.1%) to their portfolio in Q2 2025, for an estimated $80,697,872
- PRICE T ROWE ASSOCIATES INC /MD/ removed 1,763,906 shares (-33.8%) from their portfolio in Q2 2025, for an estimated $68,104,410
- CIBC ASSET MANAGEMENT INC removed 1,591,914 shares (-64.6%) from their portfolio in Q2 2025, for an estimated $61,463,799
- ROYAL BANK OF CANADA added 1,426,127 shares (+14.7%) to their portfolio in Q2 2025, for an estimated $55,062,763
- MACKENZIE FINANCIAL CORP removed 1,227,217 shares (-37.9%) from their portfolio in Q2 2025, for an estimated $47,382,848
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$MGA Analyst Ratings
Wall Street analysts have issued reports on $MGA in the last several months. We have seen 2 firms issue buy ratings on the stock, and 1 firms issue sell ratings.
Here are some recent analyst ratings:
- TD Securities issued a "Buy" rating on 08/05/2025
- BMO Capital issued a "Outperform" rating on 05/05/2025
- Goldman Sachs issued a "Sell" rating on 04/10/2025
To track analyst ratings and price targets for $MGA, check out Quiver Quantitative's $MGA forecast page.
$MGA Price Targets
Multiple analysts have issued price targets for $MGA recently. We have seen 14 analysts offer price targets for $MGA in the last 6 months, with a median target of $42.5.
Here are some recent targets:
- Ty Collin from CIBC set a target price of $47.0 on 08/26/2025
- Brian Morrison from TD Securities set a target price of $52.0 on 08/05/2025
- Chris McNally from Evercore ISI Group set a target price of $40.0 on 08/04/2025
- Ryan Brinkman from JP Morgan set a target price of $48.0 on 08/04/2025
- Dan Levy from Barclays set a target price of $45.0 on 07/16/2025
- Jonathan Goldman from Scotiabank set a target price of $44.0 on 07/14/2025
- Joseph Spak from UBS set a target price of $45.0 on 07/14/2025
Full Release
- Patrick McCann to step down after more than 26 years with Magna, including as CFO since 2022
- Philip Fracassa joins Magna as CFO effective immediately after 20 years at The Timken Company (NYSE: TKR), where he held the CFO role for over a decade
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Magna looks forward to continuing to execute on its long-term strategy, including by building on its strong first-half performance and delivering on its full-year outlook disclosed in August
AURORA, Ontario, Sept. 11, 2025 (GLOBE NEWSWIRE) -- Magna today announced the appointment of Philip D. Fracassa as Executive Vice-President and Chief Financial Officer (CFO), effective immediately. He succeeds Patrick McCann, who will step down following a distinguished career spanning more than 26 years with Magna. To support a seamless transition, McCann will remain in an advisory role until the end of February 2026.
“I would like to extend my gratitude to Pat for his significant contributions and partnership, particularly during a dynamic period in the global economy and our industry,” said Swamy Kotagiri, Magna President and Chief Executive Officer. “On behalf of the entire Magna team, we wish him the very best in his future endeavors.”
“Serving as CFO has been a privilege, and I’m grateful to have worked alongside such a talented team,” said McCann. “Magna is well-positioned for continued success, and I’m confident the team will carry that momentum forward.”
Fracassa’s appointment aligns with Magna’s strategy to drive sustainable shareholder value through operational excellence, financial discipline, and efficient capital allocation. His deep experience in corporate finance, strategic planning, and capital deployment will be instrumental as Magna builds on its strong first-half performance and delivers on its full-year outlook disclosed in August.
“Phil is a seasoned financial leader with a strong track record of delivering results and driving transformation,” said Kotagiri. “His experience and perspective will be invaluable as we continue executing our strategy and advancing Magna’s financial position. I am looking forward to partnering with Phil on our continued journey.”
Fracassa 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, he played a central role in developing and executing Timken’s strategy to drive profitable growth and improve returns. He brings extensive automotive and industrial sector experience across various functional areas, including tax, treasury, controlling, and corporate planning through his prior roles at Timken, Visteon Corporation, General Motors, and Price Waterhouse.
Fracassa holds a bachelor’s degree in accounting and a juris doctor degree in law from the University of Detroit Mercy. He is a registered certified public accountant and licensed attorney in Michigan, and completed the Advanced Management Programme at INSEAD in France.
“I’m honored to join Magna and thrilled about the opportunity to contribute to the company’s continued growth and success,” said Fracassa. “Magna’s reputation for innovation, operational excellence, and global reach is unmatched. I look forward to partnering with our talented team to help drive performance and create long-term value.”
For additional inquiries or questions, please contact Louis Tonelli.
INVESTOR CONTACT
Louis Tonelli, Vice President, Investor Relations
[email protected] │ 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
[email protected] │ 248.761.7004
ABOUT MAGNA INTERNATIONAL
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of approximately 164,000 employees across 338 manufacturing operations and 106 product development, engineering and sales centres spanning 28 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.
For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.
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