VIENNA - Alfred Koch has been promoted to president of Steyr-Daimler-Puch, now a subsidiary of Magna International. Koch had been vice president for finance.
He replaced Rudolf Streicher, who took over at Steyr in 1992 when the company was losing money, and brought it to record profits last year.
Streicher refused to accept a job with Magna Europe. He was left out of negotiations between Magna and Creditanstalt, which sold its 66.8 percent stake to Magna. Steyr stockholders approved the sale at their meeting last week.
The 1997 balance sheet was the best in two decades. Revenue was up 24 percent to Sch14.2 billion
($1.2 billion), and Steyr paid shareholders an 8 percent dividend and 2 percent bonus. For 1998, revenue will be 20 percent higher, said Streicher, although profits will be lower. Steyr is investing heavily in larger production facilities at subsidiary Steyr Fahrzeug Technik.
The new Steyr board of directors is led by Magna Europe managers. The chairman is Siegfried Wolf, president of Magna Europe. A Magna finance executive, Wolfgang Sauerzapf, joined Steyr as vice president of finance.