Magna International's Top Strategist Steps Down

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.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2524408, ~/Articles/ArticleHandler.aspx, 9/20/2014 12:13:13 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement