Herbert Demel steps down as Magna's Chief Strategy Officer

AURORA, ON, July 5, 2013 /PRNewswire/ - Magna International Inc. announced today that Dr. Herbert Demel has stepped down from his role as Chief Strategy Officer effective July 1, 2013.

Dr. Demel joined Magna in 2002 and has held various senior executive management roles within the company, including service with Magna Steyr, Magna Powertrain, and Magna International as President of Magna China, India, Southeast Asia and South America. A native of Vienna, Demel started his career at Bosch and went on to become Chairman of the Board of Audi AG, Ingolstadt, President of Volkswagen do Brasil, and CEO of Fiat Spa, Torino.

Dr. Demel will celebrate his 60th birthday this autumn, and requested the change to have more time and freedom to pursue other interests. Since the beginning of this year, Demel has been appointed to a professorship at the Technical University of Vienna.

"I would like to thank Herbert for the significant contribution he has made over many years of service as a senior executive of the company," said Magna CEO Don Walker. "Magna has a very strong management team co-located around the world. 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."

About Magna International
We are a leading global automotive supplier with 315 manufacturing operations and 87 product development, engineering and sales centres in 29 countries. Our 121,000 employees are focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. Our product capabilities include producing body, chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS.  PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM.

 

SOURCE Magna International Inc.



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