AURORA, Ontario -- Magna International has announced that Siegfried Wolf, Magna's co-CEO, has resigned as a director and officer effective Nov. 15, in order to 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 has accepted Wolf's resignation and has confirmed that Donald Walker will be Magna's sole CEO.

Frank Stronach, Magna's chairman, stated, "On behalf of the board, management and Magna's employees, I would like to express our appreciation for Sigi's major contribution to Magna's success over the years, including in establishing our strong presence in Europe. When Oleg Deripaska recently approached us for permission for Basic Element to make an offer to Sigi, we made it clear that the decision should ultimately rest with Sigi. Magna's decentralized culture and operating principles ensure that our success is not dependent on any one person. We respect the choice Sigi has made and wish him success in pursuing this new challenge."

Stronach added, "We also recognize the potential benefits that could arise from this opportunity -- Magna stands to further strengthen its relationship with Basic Element and continue to grow in the recovering Russian automotive market, while Basic Element gains an experienced manager with extensive full vehicle assembly expertise who can immediately assist its automotive division in pursuing its modernization and growth strategy."

"Sigi has done a great job for Magna, particularly in building a strong European management team and strengthening our relationships with our European-based customers," added Walker. "Notwithstanding this change, our executive management team, together with the global management teams at our operating groups and the decentralized management of our operating divisions remain committed to continuing to deliver strong operating and financial results with a continued focus on innovation and expanding our geographic footprint."

In commenting on his departure and new appointment, Wolf stated, "I have the utmost respect for Magna and the culture and principles that Frank Stronach has instilled. While I look forward to this new challenge with Basic Element, I intend to remain a friend and strong supporter of Magna and have no doubt that it will continue to succeed under the guidance of Don and the rest of the executive management team. I also look forward to potential future opportunities to work together with Magna in connection with Magna's ongoing expansion strategy in Russia and the important role that I am sure it will play in the development of the Russian automotive industry."