Magna|NNP International|NNP Inc.|NN 's|POS chief|JJ financial|JJ officer|NN ,|, James|NNP McAlpine|NNP ,|, resigned|VBD and|CC its|PRP$ chairman|NN ,|, Frank|NNP Stronach|NNP ,|, is|VBZ stepping|VBG in|IN to|TO help|VB turn|VB the|DT automotive|JJ -|- parts|NNS manufacturer|NN around|IN ,|, the|DT company|NN said|VBD .|. 

Mr.|NN Stronach|NNP will|MD direct|VB an|DT effort|NN to|TO reduce|VB overhead|NN and|CC curb|VB capital|NN spending|NN "|'' until|IN a|DT more|RBR satisfactory|JJ level|NN of|IN profit|NN is|VBZ achieved|VBN and|CC maintained|VBN ,|, "|'' Magna|NNP said|VBD .|. 

Stephen|NNP Akerfeldt|NNP ,|, currently|RB vice|NN president|NN finance|NN ,|, will|MD succeed|VB Mr.|NN McAlpine|NNP .|. 

An|DT ambitious|JJ expansion|NN has|VBZ left|VBN Magna|NNP with|IN excess|JJ capacity|NN and|CC a|DT heavy|JJ debt|NN load|NN as|IN the|DT automotive|JJ industry|NN enters|VBZ a|DT downturn|NN .|. 
The|DT company|NN has|VBZ reported|VBN declines|NNS in|IN operating|NN profit|NN in|IN each|DT of|IN the|DT past|JJ three|CD years|NNS ,|, despite|IN steady|JJ sales|NNS growth|NN .|. 

Magna|NNP recently|RB cut|VBP its|PRP$ quarterly|JJ dividend|NN in|IN half|NN and|CC the|DT company|NN 's|POS Class|NNP A|NNP shares|NNS are|VBP wallowing|VBG far|RB below|IN their|PRP$ 52|CD -|- week|NN high|NN of|IN 16.125|CD Canadian|JJ dollars|NNS (|( US|NNP $|$ 13.73|CD )|) .|. 
On|IN the|DT Toronto|NNP Stock|NNP Exchange|NNP yesterday|NN ,|, Magna|NNP shares|NNS closed|VBD up|RB 37.5|CD Canadian|JJ cents|NNS to|TO C|NNP $|$ 9.625|CD .|. 

Mr.|NN Stronach|NNP ,|, founder|NN and|CC controlling|VBG shareholder|NN of|IN Magna|NNP ,|, resigned|VBD as|IN chief|JJ executive|NN officer|NN last|JJ year|NN to|TO seek|VB ,|, unsuccessfully|RB ,|, a|DT seat|NN in|IN Canada|NNP 's|POS Parliament|NNP .|. 

Analysts|NNS said|VBD Mr.|NN Stronach|NNP wants|VBZ to|TO resume|VB a|DT more|RBR influential|JJ role|NN in|IN running|VBG the|DT company|NN .|. 
They|PRP expect|VBP him|PRP to|TO cut|VB costs|NNS throughout|IN the|DT organization|NN .|. 

The|DT company|NN said|VBD Mr.|NN Stronach|NNP will|MD personally|RB direct|VB the|DT restructuring|NN ,|, assisted|VBN by|IN Manfred|NNP Gingl|NNP ,|, president|NN and|CC chief|JJ executive|NN .|. 
Neither|DT they|PRP nor|CC Mr.|NN McAlpine|NNP could|MD be|VB reached|VBN for|IN comment|NN .|. 

Magna|NNP said|VBD Mr.|NN McAlpine|NNP resigned|VBD to|TO pursue|VB a|DT consulting|NN career|NN ,|, with|IN Magna|NNP as|IN one|CD of|IN his|PRP$ clients|NNS .|. 

