MUNICH (Dec. 6, 2010)—Former Magna International Inc. co-CEO Siegfried Wolf will join the supervisory board of rival supplier Continental A.G.
Wolf, 53, resigned from Magna on Nov. 15 to become chairman of Russian Machines OJSC, part of Russia's GAZ Group, leaving Don Walker as Magna's sole CEO.
Continental said it will apply for Wolf's appointment at the local court in Hanover, Germany, where the supplier is based, within the next few days.
Wolfgang Reitzle, Continental chairman, said Wolf's international automotive industry experience will enhance the board of the supplier.
In German companies, supervisory board members have a non-executive, monitoring role over a management board.
Wolf will continue as chairman of Russian Machines, which has industrial and engineering operations in the automotive, aircraft, railway and road construction industries.
Wolf helped to expand Canada-based Magna's business with European-based customers and he was a key figure in Magna's failed bid to buy Opel from General Motors Co. during the latter's short-lived bankruptcy.
Wolf will replace Rolf Koerfer on Continental's board. Koerfer resigned from the board Nov. 29 after critics said his role as legal adviser for Continental's majority shareholder Schaeffler Group created a conflict of interest. Shareholder rights activists claimed Koerfer could put the interests of Schaeffler above those of Continental investors.