From Canadian Press
AURORA, Ontario — Magna International Inc. founder Frank Stronach has split the auto parts maker’s chief executive title between two established Magna group executives, Donald Walker and Siegfried Wolf.
As co-CEOs they will fill the role held by chairman Stronach on an interim basis since his daughter Belinda Stronach left last year for a career in politics.
Walker, who has been with Magna since 1987, was previously CEO from November 1994 until February 2001, when he shifted to the top of Intier Automotive Inc., Magna’s interiors subsidiary.
Wolf has been with Magna since July 1995, as president of Magna Europe, president and chief executive of Magna Steyr and most recently executive vice-chairman of Magna International.
Magna International recently completed a $1.3-billion move to consolidate Intier and two other subsidiaries, Decoma and Tesma International, by buying out their minority shareholders.
Copyright 2005 The Canadian Press. All Rights Reserved.
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