Frank Stronach

Stronach was born Franz Strohsack in Kleinsemmering, Styria, Austria, to working-class parents of Croatian heritage. He married Elfriede Sallmutter, a fellow Austrian. She died in Canada on March 25, 2024 at the age of 80. Belinda Stronach, a former MP and CEO of Magna, is their daughter, and Andrew Stronach, who is involved in Adena Springs Farms' Thoroughbred horse breeding. His grandchildren include electronic musician Frank Walker.

In 1956, Stronach started his first business, Multimatic Investments Ltd in Toronto. In 1969, his firm acquired its first automotive parts contract and merged with Magna Electronics. In 1973, the company's name was changed from Multimatic Investments Ltd. to Magna International Ltd. He resigned as chairman of the board in May 2011 after approval of a $863-million (U.S.) deal to buy out the multiple voting shares with which he controlled the company. He no longer plays any role in the company.

In 2020, the Stronachs settled a 2018 lawsuit against their daughter Belinda, their grandchildren Nicole and Frank Walker, and Alon Ossip for failure to honour commitments regarding the management of The Stronach Group (TSG)'s management of racing horses and gambling, from which Stronach resigned in 2013 when he ran for office in Austria. As part of the settlement, Stronach and Elfriede will assume full control and ownership of a stallion and breeding business, all farm operations in North America, and all European assets. Belinda Stronach retains full control of The Stronach Group's horse racing, gaming, real estate and related assets.

Other ventures by Stronach over the years include the "As Prime Minister, I Would…" symposium, the Fair Enterprise Institute think tank, the business magazine Vista, Frank's Energy Drink, and the beef ranch operations of Adena Farms.

In the 1988 Canadian federal election, Stronach was the Liberal candidate in York—Simcoe, receiving 35% of the vote to place second to Progressive Conservative winner John E. Cole. In 2011, Stronach entered Austrian politics, proposing the establishment of a new political party: a "Citizens' Alliance" advocating tax, health, and education reform. In November 2011, he called for an 'intellectual revolution' in Austria, suggesting that he would be willing to fund a student-led political party.

Stronach's plans to form a party gained prominence in 2012. He called for a flat tax of 20%, a reduction in bureaucracy by 10% over five years, and a balanced budget. Stronach argued that Austria should stay in the EU, but that the euro was a 'monstrosity'. His program was compared to the Alliance for the Future of Austria (BZÖ); Stronach had admired the BZÖ's leader Josef Bucher as the only politician in Austria that represented economic liberalism. That led to suggestions that Stronach would take over the BZÖ ahead of the 2013 elections so as to give his movement seats in Parliament.

The party, called Team Stronach, was launched in September 2012. Four MPs – Gerhard Köfer of the Social Democratic Party, Elisabeth Kaufmann-Bruckberger of the BZÖ and independents Robert Lugar and Erich Tadler agreed to join the party. The endorsement of at least three members of the National Council was required for a party to compete in general elections (alternatively, a quorum of 2,600 signatures in support of the party's candidacy have to be collected).

In 2024, Stronach was charged with 13 offenses including rape, indecent assault on a female, eight counts of sexual assault and one of forcible confinement, involving 10 alleged victims. Police allege that the sexual assaults spanned from the 1970s to 2023. His counsel Brian Greenspan said that Stronach denied all the accusations in at least 18 pending sexual assault complaints. Stronach also faces a civil suit from Jane Boon, who alleges he sexually assaulted her when she was a teen co-op student working at Magna in 1986. His charges were separated into two trials, one which began February 2026 The second trial is scheduled for May 2027 in Newmarket.

In early February 2026, the first trial, which had been anticipated to take four weeks, was delayed following allegations by the defense that some of the complainants may have been coached by the Crown. The first trial concluded in April 2026, and on June 19, 2026, Stronach was found guilty of indecent assault and sexual assault. Justice Molloy described Stronach's actions as "gross and disgusting conduct." There were no findings that the complainants had been coached. On July 17, 2026, when one of the complainants sought a private, financial settlement from Stronach citing facts at odds with her testimony at trial, Justice Molloy declared a mistrial for that complainant. On August 17, 2026 the Crown sought an appeal on the mistrial, so that the guilty verdict on Stronach's sexual assault charge would be restored.