VIENNA, Austria - Magna Steyr will not hurry to replace CEO Herbert Demel when he leaves to run Fiat Auto, says Siegfried Wolf, vice chairman of Magna International Inc.
Wolf says the company's "very astute team" of five vice presidents can handle operations.
Wolf will temporarily take over some of Demel's duties as Demel prepares to move to Fiat Auto on Nov. 15.
One of the vice presidents could succeed Demel at Magna Steyr, but Wolf says Magna also will look outside the company.
When Demel arrived at Magna Steyr a year ago, he came from the Volkswagen group, where he had been chairman of Audi and president of Volkswagen do Brasil.
One candidate to replace Demel, sources say, is Victor Klima, president of Volkswagen of Argentina.
Like Demel, Klima is a native Austrian and ran a Volkswagen group division in South America.
But before being appointed to the VW post by then-VW group President Ferdinand Piech, Klima had been prime minister of Austria and had been the country's minister of transport and minister of finance.
Before politics, Klima held several management positions with OMV, an Austrian international oil company.
Whoever takes over Magna Steyr must guide the contract vehicle assembly company through a period of rapid growth.
Magna Steyr started producing the BMW X3 SUV in Graz, Austria. It is the sixth vehicle that Magna Steyr is assembling under contract for Mercedes-Benz, the Chrysler group, Saab and BMW.
Magna Steyr expects to build 200,000 vehicles next year. Its goal is to double revenue from $2.3 billion this year to $4.7 billion by 2005.