Magna International said it has appointed Philip D. Fracassa as Executive Vice-President and Chief Financial Officer (CFO), effective immediately, succeeding Patrick McCann who is stepping down after more than 26 years with the company.
McCann will remain in an advisory role until the end of February 2026 to ensure a smooth transition, the Canadian auto parts supplier said. “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,” Magna President and CEO Swamy Kotagiri said in a statement.
Fracassa joins Magna after two decades at The Timken Company, where he was CFO since 2014. He previously held senior finance roles at Visteon Corporation, General Motors and Price Waterhouse. “Phil is a seasoned financial leader with a strong track record of delivering results and driving transformation,” Kotagiri said, adding his experience would be “invaluable as we continue executing our strategy and advancing Magna’s financial position.”
Magna said Fracassa’s appointment aligns with its strategy to focus on shareholder value through operational excellence, financial discipline, and capital allocation. “I’m honored to join Magna and thrilled about the opportunity to contribute to the company’s continued growth and success,” Fracassa said.