03.10.2003 MAGNA STEYR BOSS HERBERT DEMEL TO BE NAMED NEW HEAD OF FIAT'S AUTO DIVISION
It
has been reported that Fiat have appointed Vienna-born Herbert Demel, the CEO of
Magna Steyr, as the new head of the auto division, replacing Giancarlo Boschetti
who retires next November. Fiat have now given up their pursuit of ex-Ford
Europe CEO Martin Leach who has been unable to overcome a two year
anti-competitive clause in his Ford contract.49-year-old Demel is currently CEO of Magna Steyr, the European division of Magna International. Previously he was employed by VAG, his time with the giant German carmaker including a stint as head of Audi as well as CEO of VW Brazil, before he jumped ship for Magna Steyr last year when Bernd Pischetsrieder was appointed Chairman. Magna Steyr, based in Strum Graz, Austria, manufacture auto parts as well as carrying out assembly operations which currently include the Jeep Grand Cherokee, Mercedes G-Class & Chrysler Voyager.
Fiat are expected to make his appointment official later next week.