Fiat SpA confirmed on Wednesday that it has hired Herbert Demel, a former Volkswagen and Magna International (MG) Austrian car component executive, as the new chief executive of Fiat Auto, Dow Jones reported.

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“Demel’s arrival is part of a strategy to renew the top managerial ranks at Fiat and add new professional skills to those we already have at the company,” Fiat reportedly said in a statement.

The Dow Jones report noted that the Wall Street Journal earlier on Wednesday cited a person close to the situation as saying Fiat was set to appoint Demel as the head of its automotive unit.

Reuters also filed a report earlier in the day citing sources saying that Demel had signed a contract.

Dow Jones said Demel will take over at Fiat Auto on November 15, faced with the task of bringing the unprofitable car maker to profit by 2006 and replacing Giancarlo Boschetti.

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