Valmet Automotive named Olaf Bongwald, 51, CEO, effective 15 July 2018.

Bongwald will be based in Bad Friedrichshall, Germany, "allowing him to spend a significant part of his time with the customers and to participate actively in business development activities in central Europe", the company said in a statementr.

Bongwald joins Valmet from American Axle where he has was president, driveline Europe. Previously he worked at Magna for 17 years in several senior management posts. Most recently he was responsible for Magna Electronics globally and part of Magna Powertrain management.

"This nomination is a reflection of the company's updated strategy to expand its business portfolio into electrification of vehicles and their battery solutions as well as to grow in central Europe," said Valmet chairman Jarkko Sairanen.

"[Bongwald] brings us nearly 20 years of experience from one of the globally leading Tier 1 suppliers. He has a proven track record of leading and growing global automotive businesses and driving sustainable profits."

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