Frank Stronach, the billionaire horse and racetrack owner, has resigned as chairman of the board of directors of Magna International, the publicly traded auto-parts company he founded.
Stronach, 80, cited his recent political activity in his native Austria for the decision to resign. Stronach is seeking a seat in the country’s parliament as head of a new conservative political party that supports Austria’s abandonment of the euro for a return to the schilling.