Magna appointed Philip Fracassa EVP and CFO effective immediately, the automotive supplier announced in a Sept. 11 press release.
Fracassa’s appointment follows Magna’s strategy to deliver “sustainable shareholder value through operational excellence, financial discipline, and efficient capital allocation,” per the release.
“Phil is a seasoned financial leader with a strong track record of delivering results and driving transformation,” President and CEO Swamy Kotagiri said in a statement. “His experience and perspective will be invaluable as we continue executing our strategy and advancing Magna’s financial position.”
Fracassa most recently was EVP and CFO for The Timken Co., where worked the past 20 years. Magna said while at Timken, Fracassa developed and executed a strategy that drove profitable growth and improved returns.
Prior to working for Timken, Fracassa also held executive roles with Visteon Corp., General Motors and Price Waterhouse.
Fracassa succeeds Patrick McCann who has been with Magna for nearly three decades. The company said McCann will remain in an advisory role until the end of February.
