Canadian auto parts maker Martinrea faces proxy battle
TORONTO (Reuters) - Rea Holdings Inc, a shareholder in Martinrea International Inc (MRE.TO: Quote), said on Thursday it intends to propose five nominees for election to the board of the auto parts maker.
Rea, a Toronto-based holding company controlled by Nat Rea, a former director of Martinrea, said it is nominating Rea himself, along with Manfred Gingl, the former CEO of Magna International MG.TO; Sandra Levy, Magna's former director of human resources; Roland Nimmo, Magna's former head of internal audit and Paul Smith, the chair of VIA Rail Canada, as part of its slate for election to the company's board.
Shares of Martinrea have underperformed rivals such as Magna and Linamar Corp (LNR.TO: Quote) over the last two years, but the company's stock has spiked dramatically this week after it said its President and CEO Nick Orlando was stepping down.
(Reporting by Euan Rocha; Editing by Sofina Mirza-Reid)
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