Business
Rea Holdings to nominate five highly-qualified directors to transform Martinrea
Led by key industry veterans, the Nominees will build a leading, focused automotive techn...
About this update from Magna International Inc.
[{"type":"text","content":"\n\n\nLed by key industry veterans, the Nominees will build a leading, focused automotive technology company. \nWill provide effective management oversight, improve operational and financial performance, reinforce financial controls, repair Martinrea's overlevered balance sheet, and enhance customer relationships. \nNominees have extensive backgrounds and proven expertise in the automotive industry, finance and accounting, financial control, corporate governance, human resources,  and supply-chain management.\n\n\nTORONTO, April 3, 2014 /CNW/ - Rea Holdings Inc., a shareholder of Martinrea International Inc. (\"Martinrea\" or the \"Company\") (TSX: MRE) announced today that it intends to nominate five highly-qualified directors (the \"Transform Martinrea Nominees\" or the \"Nominees\") for election to Martinrea's board of directors at the upcoming 2014 annual meeting of shareholders. Each of the Nominees has an important strategic role to play in the transformation of Martinrea.\n\nThe Nominees, acting as independent fiduciaries, are committed to transforming Martinrea into a global market leader in the automotive manufacturing and technology industry and restoring value to shareholders. The Nominees contribute their respective backgrounds and expertise in the automotive industry, finance and accounting, financial control, corporate governance, human resources, and supply-chain management.\n\nThe Nominees draw their experience from senior leadership positions with leading Canadian and international companies, including: Magna International (TSX: MG), Equity Financial Holdings (TSX: EQI), VIA Rail, Deloitte, and Martinrea (TSX: MRE).\n\n\"Martinrea shareholders need a board that can provide thoughtful and effective leadership and management oversight,\" said Manfred Gingl, a Transform Martinrea Nominee. \"We will bring the strategic and technical skills necessary to strengthen the Company's core business and transform Martinrea into a leader in automotive manufacturing and technology.\" \n\n\"I cannot think of anyone who can command the respect of customers at all levels like Mr. Gingl. It is an honour to serve on this slate of nominees,\" said Nat Rea, a Transform Martinrea Nominee. \"We are committed to the highest principles of good governance. We intend to select a board chair who is a proven leader in the automotive ind...