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The 80-year-old enterpreneur, who founded Magna International Inc. and guided its growth to a global powerhouse, announced Thursday he is resigning from the company’s board of directors. He will remain as honorary chairman of the company he founded in a Toronto garage in 1957, the auto parts giant announced Thursday as it released its third-quarter financial results.

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Frank Stronach in 1991.

Edward Regan/The Globe and Mail/Edward Regan/The Globe and Mail

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Magna Chairman, Frank Stronach, left, and Tadek Borys, General Manager of Magna's Co-Ex-Tec Trim Plant in Concord, Ont., examine a belt moulding produced at the plant, in June, 1991.

John McNeill/The Globe and Mail/John McNeill/The Globe and Mail

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Frank Stronach at Magna's 1997 Annual Meeting at Roy Thomson Hall in Toronto. In the foreground is Donald Walker, Magna President and CEO.

Tibor Kolley/Globe and Mail/Tibor Kolley/Globe and Mail

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Frank Stronach, standing beside his wife Elfride, raises the trophy after his horse Awesome won the 138th running of the Queen's Plate at Woodbine Racetrack in Toronto in 1997. Queen Elizabeth II (R) was in attendence to present the Queen's Plate to jockey Mike Smith.

Andrew Wallace/Reuters/Andrew Wallace/Reuters

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Frank Stronach waves to photographers at the State Opera in Vienna, in Feb., 1999 for the traditional Opera Ball.

Ronald Zak/AP/Ronald Zak/AP

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Frank Stronach, then chair of the board, and daughter Belinda Stronach, then president and CEO of Magna Corp. at an AGM in North York, Ont., in May, 2002.

Donald Weber/The Globe and Mail/Donald Weber/The Globe and Mail

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Artist Georgi Danevski puts the finishing touches on a painting of Frank Stronach in Toronto in May, 2003. The painting, which features horses and the Magna head office in the background, is oil on canvas and measures 4' x 5'. It was displayed in the Jockey Hall of Fame at Woodbine race track in Toronto, along with other horse related paintings to be unveiled by jockey Sandy Howley.

BORIS SPREMO/CP/BORIS SPREMO/CP

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Jockey Javier Castellano holds the trophy with Governor of Texas, Rick Perry (R), trainer of Ghostzapper, Robert J. Frankel and owner, Frank Stronach in the winner's circle after the Breeders Cup Classic, part of the Breeders Cup World Thoroughbred Championships on Oct. 30, 2004 at Lone Star Park in Grand Prairie, Texas.

Ronald Martinez/Getty Images/Ronald Martinez/Getty Images

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Frank Stronach congratulates his daughter Belinda after she was narrowly elected as the Conservative MP for Newmarket-Aurora by a margin of 689 votes over Liberal Martha Hall Findlay in the 2004 federal election.

Tibor Kolley/The Globe and Mail/Tibor Kolley/The Globe and Mail

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Frank Stronach (left) sits with his daughter Belinda and former Ontario Premier and Magna International board member Mike Harris during the Conservative Party of Canada's 2004 leadership convention. Belinda lost to Stephen Harper.

Mike Cassese/Reuters/Mike Cassese/Reuters

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Frank Stronach and his daughter Belinda Stronach during the company's annual general meeting at Roy Thomson Hall in 2007.

Fred Lum/The Globe and Mail/Fred Lum/The Globe and Mail

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Frank Stronach shakes hands with Russian billionaire and automotive entrepreneur Oleg Deripaska. Deripaska made a $1.54-billion investment in Magna in 2007.

Fred Lum/The Globe and Mail/Fred Lum/The Globe and Mail

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Frank Stronach plants a Kiss on his horse Ginger Brew after capturing the Woodbine Oaks in 2008.

Michael Burns/Michael Burns

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Magna International Co-Chief Executive Officer Siegfried Wolf, left, and Chairman Frank Stronach during a press conference following the company's annual general meeting in Markham, Ont., in 2009.

Darren Calabrese/The Canadian Press/Darren Calabrese/The Canadian Press

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Frank Stronach holds a can of Frank's energy drink.

Christopher Campbell/Magna/Christopher Campbell/Magna

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Frank Stronach at Magna Entertainment Corp.'s annual general meeting in Toronto in May, 2008.

REUTERS/Mark Blinch/REUTERS/Mark Blinch

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Frank Stronach looks at a Ford battery electric vehicle (BEV), which was developed in partnership with Magna, during a news conference in Ottawa in June, 2009.

REUTERS/Chris Wattie/REUTERS/Chris Wattie

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Jockey Lanfranco Dettori celebrates with the trophy after winning the Breeders' Cup Classic with Horse Raven's Pass beside Frank Stronach (R) and Governor of California Arnold Schwarzenegger (L) at Santa Anita Park in Arcadia, Calif, in October, 2008.

REUTERS/Danny Moloshok/REUTERS/Danny Moloshok

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Frank Stronach (right) shakes hands with former Ontario Premier Bill Davis at the end of Magna's annual general meeting of shareholders in Toronto in 2009.

REUTERS/ Mike Cassese/REUTERS/ Mike Cassese

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Frank Stronach talks to journalists at the Chancellory in Berlin in May, 2009, during the Magna International?s unsuccessful attempt to take over German car maker Opel.

STEFFI LOOS/AFP/Getty Images/STEFFI LOOS/AFP/Getty Images

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Frank Stronach takes a call from Europe between media interviews at Magna's Aurora headquarters, during his Opel takeover attempt in September, 2009.

J.P. Moczulski for The Globe and Mail/j.p. moczulski The Globe and Mail

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Queen Elizabeth the second and the Duke of Edinburough with Frank Stronach (left) at the Queen's Plate at Woodbine Racetrack in July 2010.

Michael Burns/Michael Burns

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