International Inc. made it official late last month, announcing it had hired Mark Hogan, previously head of Corp.'s advanced vehicle development team, as Magna's new president.
The move threw into high gear the Detroit rumor mill: Speculation abounded that formerGroup Chief Operating Officer Wolfgang Bernhard had the inside track to Hogan's GM job. Bernhard was abruptly forced out of DC earlier this year.
is one of North America's most diversified parts suppliers, and Hogan replaces Belinda Stronach, who left Magna as president and CEO in January to pursue politics. In his new role, Hogan will work closely with Magna's two executive vice chairmen, Manfred Gingl and Siegfried Wolf.
Hogan was well regarded within GM, but sources say he felt stymied in his current role and did not see the potential for further advancement.
Notably, Magna is one of few suppliers with the capabilities to assemble vehicles.