OREANDA-NEWS. October 08, 2010. The Board of Directors at Glavstroy Corporation, which brings together the Basic Element company's construction sector assets, has voted unanimously to elect Siegfried Wolf as its Chairman. Siegfried Wolf has already started work in his new capacity.

Siegfried Wolf commented on the Board's decision:

"The economic recovery is opening up new opportunities for dynamic growth in the construction industry and is increasing its investment appeal. This applies fully to Basic Element's construction segment. Basic Element possesses a powerful production base, modern technology and a successful track-record of implementing projects of any complexity in building the housing and infrastructure that are essential for Russia's modernization. I see my mission in my new capacity to strengthen these advantages, drawing on the latest global expertise and closer cooperation with foreign partners; and my goal as being to ensure the Basic Element construction segment's leadership in Russia and ability to compete at world level."

Biography of Siegfried Wolf

Siegfried Wolf began his career at the companies Philips and Vereinigte Metallwerke Wien (VMW). He 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, which had approximately 1,000 employees at the time. In 1999 he was nominated to the Board of Directors of Magna International. Siegfried Wolf was appointed President & CEO of the Magna group Magna Steyr in 2001. 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).

Siegfried Wolf became a member of the Board of Directors at the GAZ Group in 2008. He was appointed Chairman of the Board of Directors at GAZ Group and of the Russian Machines Corporation, and joined the board of Directors at Glavstroy, in 2010.

Siegfried Wolf also sits on the boards of a number of leading European businesses including Strabag, Verbund, Osterreich Industrie holding AG and Siemens AG Osterreich. 

Siegfried Wolf was born in Austria in 1957. He is married and has two daughters.