EX-99 4 form27.txt FORM 27 MATERIAL CHANGE REPORT JANUARY 20, 2004 FORM 27 Securities Act MATERIAL CHANGE REPORT UNDER SECTION 75(3) OF THE ACT 1. Reporting Issuer The reporting issuer is Magna International Inc. (the "Corporation" or "Magna"), a corporation incorporated under the laws of the Province of Ontario and having its registered office located at 337 Magna Drive, Aurora, Ontario, Canada L4G 7K1. 2. Date of Material Change The material change occurred on January 20, 2004. 3. Press Release On January 20, 2004 at approximately 9:00 a.m., a press release describing the material change was issued by the Corporation and delivered to the Ontario Securities Commission and the other Canadian securities regulatory authorities, to the Toronto Stock Exchange, to The New York Stock Exchange and to Canada NewsWire for publication and dissemination through its North American Disclosure and European Financial Capitals Plus networks. 4. Summary of Material Change On January 20, 2004, through distribution of a press release, the Corporation announced the resignation of Ms. Belinda Stronach as President and Chief Executive Officer and as a director of the Corporation and the appointment of Mr. Frank Stronach as Interim President. 5. Full Description of Material Change On January 20, 2004 the Corporation announced the resignation of Ms. Belinda Stronach as President and Chief Executive Officer and as a director of the Corporation. As a result of her resignation, Mr. Frank Stronach assumed the position as Interim President. The Board of Directors of the Corporation has established a Special Committee to conduct a search, together with Mr. Stronach, for Ms. Stronach's replacement both inside and outside the Corporation. Ms. Stronach also resigned as a director and the Chairman of Decoma International Inc., Intier Automotive Inc. and Tesma International Inc. A copy of the Press Release issued on January 20, 2004 is attached. 6. Reliance on Section 75(3) of the Act This report is not being filed on a confidential basis. 7. Omitted Information Not applicable. - 2 - 8. Senior Officers For further information, please contact J. Brian Colburn, Executive Vice- President, Special Projects and Secretary of the Corporation at 905-726-7022. 8. Statement of Senior Officer The foregoing accurately discloses the material change referred to herein. DATED at Aurora, Ontario as of the 20th day of January, 2004. /s/ J. Brian Colburn _________________________ J. Brian Colburn Executive Vice-President, Special Projects and Secretary (Magna Logo) Magna International Inc. 337 Magna Drive Aurora, Ontario L4G 7K1 Tel (905) 726-2462 Fax (905) 726-7164 PRESS RELEASE MAGNA ANNOUNCES MANAGEMENT CHANGES January 20, 2004, Aurora, Ontario, Canada......Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) announced that, effective this morning, Ms. Belinda Stronach has resigned as its President and Chief Executive Officer and that Mr. Frank Stronach has assumed the position of Interim President. The Company's Board of Directors has established a Special Committee to conduct a search, together with Mr. Stronach, for Ms. Stronach's replacement both inside and outside the Company. Mr. Frank Stronach, the Chairman of the Company, stated: "On behalf of the Board of Directors and the Company's employees, I would like to express our appreciation for the outstanding contributions Belinda has made to shareholders, customers and employees as President and CEO." Mr. Stronach added: "Magna is run like a partnership and now members of the senior management team, particularly Manfred Gingl, Siegfried Wolf and Vince Galifi, will assume increased responsibilities." "Ms. Stronach has led Magna to record growth and profits," said the Honourable Mr. Ed Lumley, Lead Director of the Company's Board of Directors, "and has made significant contributions to both Magna and its subsidiaries. The Board wishes her the best as she seeks a new challenge." "I would like to thank all Magna employees for their past support" commented Ms. Belinda Stronach. "We have excellent employees and strong management teams at Magna and our operating groups. I leave Magna well positioned to deliver strong operating results in the future and have every confidence that Magna will continue to outperform its competitors. " Ms. Stronach also resigned as a director of the Company and as a director and the Chairman of Decoma International Inc., Intier Automotive Inc. and Tesma International Inc. Magna, the most diversified automotive supplier in the world, designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Mexico, South America and Asia. Magna's products include: automotive interior and closure components, systems and modules through Intier Automotive Inc.; metal body systems, components, assemblies and modules through Cosma International; exterior and interior mirror and engineered glass systems through Magna Donnelly; fascias, front and rear end modules, plastic body panels, exterior trim components and systems, greenhouse and sealing systems, roof modules and lighting components through Decoma International Inc.; various engine, transmission and fueling systems and components through Tesma International Inc.; and a variety of drivetrain components through Magna Drivetrain; and complete vehicle engineering and assembly through Magna Steyr. Magna has approximately 72,000 employees in 201 manufacturing operations and 48 product development and engineering centres in 22 countries. For further information please contact Vincent Galifi at Magna at 905) 726-7100.