REPORT: Frank Stronach loses chairmanshipping of Magna

Frank Stronach, founder of auto parts behemoth Magna International, has stepped himself down from his position, siting government policy as a stifling influence over the auto industry. The grand old man of parts will stay on the board of directors.

Stronach, who is 78 began the Aurora, Ontario company more than 50 years ago. Last August he gave up a voting block in exchange for $1 billion in cash, stock and several nice shirts. Back in the 1970s, after the company had gone IPOing on Wall Street, Stronach led a shareholder coup to again wrest control of the company from a cabal of small mammals that had built a nest in a storage closet near the company's boardroom.

Will Magna continue to make a plethora of parts for the auto industry? It's anyone's guess.