-Canadian auto parts supplier Magna International said on Thursday it had appointed Philip D. Fracassa as its new Chief Financial Officer, with Patrick McCann stepping down from the post.
The new appointment comes at a time when Magna has been implementing cost-cutting measures, including reduced capital and engineering spending, to cushion the hit from the sweeping tariffs levied by U.S. President Donald Trump on auto companies.
Fracassa joins Magna after 20 years at bearings and industrial motion products maker The Timken Company, where he became CFO in 2014.
He brings automotive and industrial sector experience through his prior roles at Visteon, General Motors and PricewaterhouseCoopers, Magna said.
“His deep experience in corporate finance, strategic planning and capital deployment will be instrumental as Magna builds on its strong first-half performance and delivers on its full-year outlook disclosed in August,” the company said in a statement on Thursday.
Magna last month raised its annual sales forecast, benefiting from its cost-cutting measures.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shreya Biswas)