- Kotagiri, current Magna President and 21-year company veteran, to succeed
- Walker to retire at end of 2020 after 15 consecutive years as CEO, 33 years with Magna
- Media conference call to be held today,
October 20, at 8 a.m. EDT
“Given Swamy’s role in aligning the company’s strategy with the megatrends impacting new mobility and the ‘car of the future,’ he is the right leader to take Magna forward,” said
“I would also like to commend Don for his success and thank him for his dedicated service,” Young added. “Under his strong leadership, Magna has grown to be the third-largest global automotive supplier, one of Fortune’s World’s Most Admired Companies, and a perennial winner of customer, industry and technology awards.”
“Leading Magna and working with all our great employees has been a tremendous honor and I am extremely proud of everything we have accomplished together,” stated
“Building on Magna’s industry leadership is very important to me. It starts with our people, who are among the most talented in the business. We will leverage the company’s decentralized, entrepreneurial culture, which empowers every member of the Magna family to act as an owner and think as if they were part of a start-up,” said
Kotagiri has more than 25 years of automotive industry experience, 21 of which have been with Magna. In his previous role as Magna’s Chief Technology Officer (CTO), the company further strengthened its culture of innovation by forming partnerships in areas including autonomy, electrification, electronics and connectivity. Kotagiri was responsible for managing the company’s innovation and new product strategy and development both at a corporate level and in conjunction with Magna’s product groups. While CTO, he also served in various leadership positions including President of
Kotagiri’s appointment demonstrates the effectiveness of Magna’s robust leadership development and succession planning processes, which have facilitated seamless transitions in 10 of the company’s most senior leadership roles in the last three years.
Leadership change, CEO transition, Tenure
|MEDIA CONFERENCE CALL DETAILS|
|A media conference call will be held at |
|Dial-In:||1 (866)-215-5508 Canada Toll Free|
|1 (514)-841-2157 Canada Toll|
|1 (888)-771-4371 US Toll Free|
|1 (847)-585-4405 US Toll|
For a current list of available local and international freephone telephone numbers,
We are a mobility technology company. We have more than 152,000 entrepreneurial-minded employees and 346 manufacturing operations and 93 product development, engineering and sales centres in 27 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Magna also has electronic and software capabilities across many of these areas. Our common shares trade on the
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6c20dbe5-2c3a-4b7c-a10c-b8de8ddc91a1
Source: Magna International Inc.