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Frank Stronach officially steps down as a director of Magna International

Our favourite Austrian megalomaniac and multimillionaire, Frank Stronach, left his position as a long-time director of Canadian auto parts tycoon Magna International this morning. The reason: he wants to focus on the national political party he recently launched in his native country. When he announced his grand political ambitions in August, he said one of his main objectives would be to eliminate cronyism and corruption in government. Magna has operations in Austria, and Stronach wants to avoid any confusion between his politics and his business. So, at least he seems serious about living according to his principles. No word yet, though, on whether daughter Belinda Stronach will be drafting party policy. [Toronto Star]