{"id":885411,"date":"2025-09-11T06:48:06","date_gmt":"2025-09-11T10:48:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/magna-names-philip-d-fracassa-chief-financial-officer\/"},"modified":"2025-09-11T06:48:06","modified_gmt":"2025-09-11T10:48:06","slug":"magna-names-philip-d-fracassa-chief-financial-officer","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/magna-names-philip-d-fracassa-chief-financial-officer\/","title":{"rendered":"Magna Names Philip D. Fracassa Chief Financial Officer"},"content":{"rendered":"<div class=\"mw_release\">\n<ul>\n<li>Patrick McCann to step down after more than 26 years with Magna, including as CFO since 2022<\/li>\n<li>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<\/li>\n<li>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\n<\/li>\n<\/ul>\n<p>AURORA, Ontario, Sept.  11, 2025  (GLOBE NEWSWIRE) &#8212; 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.<\/p>\n<p>\u201cI 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,\u201d said Swamy Kotagiri, Magna President and Chief Executive Officer. \u201cOn behalf of the entire Magna team, we wish him the very best in his future endeavors.\u201d<\/p>\n<p>\u201cServing as CFO has been a privilege, and I\u2019m grateful to have worked alongside such a talented team,\u201d said McCann. \u201cMagna is well-positioned for continued success, and I\u2019m confident the team will carry that momentum forward.\u201d<\/p>\n<p>Fracassa\u2019s appointment aligns with Magna\u2019s 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.<\/p>\n<p>\u201cPhil is a seasoned financial leader with a strong track record of delivering results and driving transformation,\u201d said Kotagiri. \u201cHis experience and perspective will be invaluable as we continue executing our strategy and advancing Magna\u2019s financial position. I am looking forward to partnering with Phil on our continued journey.\u201d<\/p>\n<p>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\u2019s 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.<\/p>\n<p>Fracassa holds a bachelor\u2019s 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.<\/p>\n<p>\u201cI\u2019m honored to join Magna and thrilled about the opportunity to contribute to the company\u2019s continued growth and success,\u201d said Fracassa. \u201cMagna\u2019s 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.\u201d<\/p>\n<p>For additional inquiries or questions, please contact Louis Tonelli.<\/p>\n<p>\n        <strong>INVESTOR CONTACT <\/strong><br \/>\n        <br \/>Louis Tonelli, Vice President, Investor Relations <br \/>louis.tonelli@magna.com \u2502\u00a0\u00a0 905.726.7035<\/p>\n<p>\n        <strong>MEDIA CONTACT <\/strong><br \/>\n        <br \/>Tracy Fuerst, Vice President, Corporate Communications &amp; PR<br \/>tracy.fuerst@magna.com \u2502 248.761.7004<\/p>\n<p>\n        <strong>ABOUT MAGNA INTERNATIONAL<\/strong><br \/>\n        <br \/>Magna is more than one of the world\u2019s 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.<\/p>\n<p>For further information about Magna (NYSE:MGA; TSX:MG), please visit <strong>www.magna.com<\/strong> or follow us on social.<\/p>\n<p>\n        <strong>THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE \u201cFORWARD-LOOKING STATEMENTS\u201d UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA\u2019S REGULATORY FILINGS. PLEASE REFER TO MAGNA\u2019S MOST CURRENT MANAGEMENT\u2019S 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\u2019S 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\u2019S WEBSITE AT WWW.MAGNA.COM.<\/strong>\n      <\/p>\n<p>A photo accompanying this announcement is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yORCF5xnuaWiDtvpmTRXWR5L0YzwSYYuper8916DD7p1DwQWr8_WbMfukx6rr7B1kpFUdCbjEtT_2EpcqLaV_j9iPCZpRrA5kriS0zCdxcyIgQW8bkxClup119c03Yz5cPQorwyQwb01cTFhtDOUtZaJVMlCPJHBjsQzGlO5LfnQzxXs3leRrl0Ok61Ar6JlGkBJIb0oYKQtHpJRhv6vORcNEnEvnmeka9cXw-HoKgcwiD2vyosON4jqAeMbxxpgkoczxJE089IqrbeE-TUr2Q==\" rel=\"nofollow\" target=\"_blank\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/7f72b49f-4b9e-41fd-8737-a112b872fe1e<\/a><\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTUyNzE5MyM3MTQxNDExIzIwMDg4MTU=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/OTM1YmMzN2ItYjNlMi00YjlkLTlhOTgtMjEyNGE1MzZkOWQ4LTEwMjAzODgtMjAyNS0wOS0xMS1lbg==\/tiny\/Magna-International-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 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) &#8212; 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/magna-names-philip-d-fracassa-chief-financial-officer\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Magna Names Philip D. Fracassa Chief Financial Officer&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-885411","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Magna Names Philip D. Fracassa Chief Financial Officer - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/magna-names-philip-d-fracassa-chief-financial-officer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magna Names Philip D. Fracassa Chief Financial Officer - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 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) &#8212; 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 &hellip; Continue reading &quot;Magna Names Philip D. 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