OREANDA-NEWS. September 14, 2010. Russian Machines, the industrial and engineering company of Basic Element has appointed Siegfried Wolf as chairman of the Board of Directors.

In this new capacity Mr 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.

Mr Wolf joins Russian Machines from Magna International Inc., where he was co-CEO and played a key role in maintaining the company's position as a major global supplier to the automotive industry. In addition to his executive role for Magna he also sits on the boards of a number of leading European businesses including Strabag, Verbund, Osterreich Industrie holding AG, Siemens AG Osterreich. 

In recent years during his time at Magna Mr 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.

Oleg Deripaska, CEO of Basic Element Company, 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".

"Sigi has shown that he can adapt and thrive in a multi-cultural business environment and I am sure the teams in Moscow and across Russia will benefit even more from his knowledge and skills. Our businesses are strengthening everyday and Sigi will keep this momentum going".

"I would like to use this opportunity to thank Frank Stronach, Chairman of Magna, and express hope that our relations with Magna will continue to grow."

Siegfried Wolf said:

"Russian automotive and construction markets offer strong growth prospects and a need for further modernization. I know Basic Element, it's a world class company which has the potential to meet these challenges. I am looking forward to contributing my experience to the company and continuing to work with Oleg Deripaska in this new role."

Siegfried Wolf was born in 1957 in Feldbach, Styria (Austria). He is married and has two daughters.

After finishing secondary education Siegfried Wolf started his career with Philips where he trained as a tool and die-maker and then as a member of the technical staff in the quality laboratory.

He continued his professional training through the stages of master craftsman and foreman up to obtaining an engineering degree. He worked as quality manager and assistant director of quality control at "Vereinigte Metallwerke Wien" (VMW, a Vienna-based aluminium die-casting company). Siegfried Wolf then joined Hirtenberger AG, a producer of precision technology and military equipment, where he advanced from Director for quality control to General Manager and Vice President.

In 1994, he joined Magna Europe, then a young company with approximately 1,000 employees. 1995 he became President of Magna Europe. In 1999 he was nominated to the Board of Directors of Magna International as Vice Chairman. Mr. Wolf continued his role as Vice Chairman of Magna International until 2001, when he was appointed President & CEO of the Magna group Magna Steyr. In February 2002 he resumed additional responsibilities as Executive Vice Chairman of Magna International Inc. until April 2005, when he was appointed Co-Chief Executive Officer (Co-CEO). As member of the executive management team he is leading a global company with more than 76,000 employees in 242 manufacturing operations and 76 product development and engineering centres in 25 countries.

Siegfried Wolf turned Magna Europe into a major player in the European automotive supply industry, with approximately 30,000 employees.

Siegfried Wolf is a member of the Board of Director of a number of leading European businesses including Strabag, Verbund, Osterreich Industrie holding AG, Siemens AG Osterreich.