Russian Machines, the industrial and engineering company of Basic Element, has appointed former Magna International co-CEO Siegfried Wolf as chairman.
“In this new capacity Wolf will have strategic responsibility for the company’s core business lines of commercial and passenger vehicles, railway transportation and aircraft manufacturing. In addition to these roles Mr Wolf will also oversee Basic Element’s construction assets,” the parent company said in a statement.
Go deeper with GlobalData
In recent years while at Magna, Wolf established a close working relationship with Basic Element through his position on the board of OJSC GAZ Group (the Russian Machines’ automotive company), a role he’s undertaken since 2008 and in 2010 this relationship was deepened when he became a board member of Glavstroi Corporation, Basic Element’s principal construction division.
Basic Element CEO Oleg Deripaska said: “I welcome Sigi onboard. We already have a longstanding relationship with him through our partnership with Magna and I have witnessed at first-hand the impact which he helped us accomplish in updating our technology, productive capacity and business culture”.
Like Magna founder Frank Stronach, Wolf is Austrian and trained as a toolmaker. He joined Magna Europe in 1994.
