Magna - Siegfried Wolf to leave in November

IndustrialsAutomotive ♦ Published: September 13, 2010; 17:39 ♦ (Vindobona)

Magna International Inc. today announced that Siegfried Wolf, Magna's Co-Chief Executive Officer, has resigned as a director and officer effective November 15, 2010.

Magna - Siegfried Wolf to leave in November / Picture: © Wikipedia / Steindy

Mr. Wolf will pursue an opportunity with Basic Element and its machinery division OJSC Russian Machines, the parent company of Russian automotive OEM, GAZ Group.

Magna's Board of Directors has accepted Mr. Wolf's resignation and has confirmed that Donald Walker will be Magna's sole Chief Executive Officer.

Frank Stronach, Magna's Chairman, stated: "On behalf of the…