At some point, there comes a time to pursue interests beyond your job. For Herbert Demel, chief strategy officer at auto parts supplier Magna International (NYSE: MGA), who turns 60 this year, that time is now.
The company announced today that Demel stepped down from his position with the company effective July 1 to pursue other interests. He will remain a "special advisor" to the company.
Demel joined Magna in 2002 and held various senior executive management roles within the company. He started his career at Bosch and went on to become chairman of Audi Ingolstadt, president of Volkswagen do Brasil, and CEO of Fiat Spa, Torino. Earlier this year he was appointed to a professorship at the Technical University of Vienna; he is a Vienna native, according to the company.
Of his resignation, Magna said he "requested the change to have more time and freedom to pursue other interests."
Magna International CEO Don Walker said: "We look forward to continuing to benefit from Dr. Demel's deep industry expertise and knowledge in his role as a special advisor on strategic matters to myself and the rest of the global executive management team."
No replacement has been named at this time.