Magna International has appointed Donald Walker and Siegfried Wolf co-chief executive officers.

Frank Stronach relinquishes the position of interim CEO that he assumed temporarily after Belinda Stronach quit in January 2004, and remains chairman.

Walker, who has been with Magna since 1987, was previously CEO from November 1994 to February 2001, when he moved to head Intier Automotive, Magna's interiors and closures subsidiary, which went public in August 2001. Magna has now privatised Intier, effective yesterday.

Wolf has been with Magna since July 1995, and has previously held such positions as president of Magna Europe, president and CEO of Magna Steyr and, most recently, executive vice-chairman of Magna.