Press Release - Magna Announces Board Leadership and Other Changes
Feb 10, 2022, 23:00 PM
Board Chair, William L. Young , not standing for re-election Audit Committee Chair, Robert F. MacLellan , selected by Board to succeed as Board Chair in May Dr. Thomas Weber has been appointed to Board.
Board Chair, William L. Young, not
standing for re-election Audit Committee Chair, Robert F. MacLellan, selected by Board to succeed as
Board Chair in May Dr. Thomas Weber has been appointed to BoardClick here for the PDF version of
the releaseAURORA, Ontario, Feb. 11, 2022 (GLOBE NEWSWIRE)
-- Magna announced today upcoming changes to the leadership of its Board of Directors, ahead of
the company’s annual meeting scheduled for May 3, 2022.
William L. Young
, Magna’s Board
Chair, has communicated his intention to retire at the end of his current term. The
Board has selected
Robert F. MacLellan
, currently Audit Committee Chair,
to succeed Young following Magna’s annual meeting. “It has been and continues to be an honor to serve as Magna’s Chairman,
working along-side a talented Board and Management team as the industry
continues to transform,” said Young. “Magna’s leadership team is managing
these unprecedented times with financial discipline and innovative
thinking which will benefit all stakeholders for years to
come.”
“Although big shoes to fill, I look forward to tackling this role at such
an exciting time in the automotive industry,” said MacLellan.
Additional changes to the Board include:Peter G. Bowie, will succeed MacLellan as Audit Committee Chair. Dr. Thomas Weber, formerly a member of Magna’s Technology
Advisory Council and a highly-respected former Daimler executive, has been
appointed to the Board as a non-independent, non-executive director. Cindy Niekamp has also communicated her intention to retire at the end
of her current term in May. William L. Young
Robert F. MacLellan
The Corporate Governance, Compensation and Nominating Committee (“CGCNC”) of the
Board has initiated searches for two independent directors, at least one of whom could serve on
the Audit Committee. The CGCNC’s efforts are being supported by a leading board search advisor
and guided by a long-term roadmap for the next phase of Magna’s Board renewal as the directors
elected in the years following Magna’s 2010 Plan of Arrangement approach the end of their
tenure. “I want to thank Bill for his outstanding leadership and contributions to the company’s success
over the last 11 years,” said Swamy Kotagiri, Magna CEO. “He has been instrumental
in helping guide the company’s disciplined approach to growth.” “The Board and Management team look forward to working with Rob and Peter in their new roles
beginning in May. In addition, I would like to welcome Thomas and thank Cindy for her valued
insights and contributions since joining the Board and Audit Committee,” Kotagiri
added. TAGSBoard of Directors, Board leadership changes INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relationslouis.tonelli@magna.com, 905.726.7035 MEDIA CONTACTTracy Fuerst, Vice President, Corporate
Communications & PRtracy.fuerst@magna.com, 248.761.7004 ABOUT MAGNAMagna is more than one of the world’s largest suppliers in the automotive
space. We are a mobility technology company with a global, entrepreneurial-minded team of
158,000 employees and an organizational structure designed to innovate like a startup. With 60+
years of expertise, and a systems approach to design, engineering and manufacturing that touches
nearly every aspect of the vehicle, we are positioned to support advancing mobility in a
transforming industry. Our global network includes 343 manufacturing operations and 91 product
development, engineering and sales centres spanning 28 countries. For further information about 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
.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b6f5d9-ee13-4068-89c9-4431de30de1f
https://www.globenewswire.com/NewsRoom/AttachmentNg/829ba0e0-d5db-40ba-b326-510dc2a7afbb
Source: Magna International Inc.
Link text :
Press Release - Magna Announces Board Leadership and Other Changes
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Press Release - Magna Announces Board Leadership and Other Changes
- Board Chair, William L. Young, not
standing for re-election
- Audit Committee Chair, Robert F. MacLellan, selected by Board to succeed as
Board Chair in May
- Dr. Thomas Weber has been appointed to Board
Click here for the PDF version of
the release
AURORA, Ontario, Feb. 11, 2022 (GLOBE NEWSWIRE)
-- Magna announced today upcoming changes to the leadership of its Board of Directors, ahead of
the company’s annual meeting scheduled for May 3, 2022.
William L. Young
, Magna’s Board
Chair, has communicated his intention to retire at the end of his current term. The
Board has selected
Robert F. MacLellan
, currently Audit Committee Chair,
to succeed Young following Magna’s annual meeting.
“It has been and continues to be an honor to serve as Magna’s Chairman,
working along-side a talented Board and Management team as the industry
continues to transform,” said Young. “Magna’s leadership team is managing
these unprecedented times with financial discipline and innovative
thinking which will benefit all stakeholders for years to
come.”
“Although big shoes to fill, I look forward to tackling this role at such
an exciting time in the automotive industry,” said MacLellan.
Additional changes to the Board include:
- Peter G. Bowie, will succeed MacLellan as Audit Committee Chair.
- Dr. Thomas Weber, formerly a member of Magna’s Technology
Advisory Council and a highly-respected former Daimler executive, has been
appointed to the Board as a non-independent, non-executive director.
- Cindy Niekamp has also communicated her intention to retire at the end
of her current term in May.
William L. Young
Robert F. MacLellan
The Corporate Governance, Compensation and Nominating Committee (“CGCNC”) of the
Board has initiated searches for two independent directors, at least one of whom could serve on
the Audit Committee. The CGCNC’s efforts are being supported by a leading board search advisor
and guided by a long-term roadmap for the next phase of Magna’s Board renewal as the directors
elected in the years following Magna’s 2010 Plan of Arrangement approach the end of their
tenure.
“I want to thank Bill for his outstanding leadership and contributions to the company’s success
over the last 11 years,” said Swamy Kotagiri, Magna CEO. “He has been instrumental
in helping guide the company’s disciplined approach to growth.”
“The Board and Management team look forward to working with Rob and Peter in their new roles
beginning in May. In addition, I would like to welcome Thomas and thank Cindy for her valued
insights and contributions since joining the Board and Audit Committee,” Kotagiri
added.
TAGS
Board of Directors, Board leadership changes
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035
MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate
Communications & PR
tracy.fuerst@magna.com, 248.761.7004
ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive
space. We are a mobility technology company with a global, entrepreneurial-minded team of
158,000 employees and an organizational structure designed to innovate like a startup. With 60+
years of expertise, and a systems approach to design, engineering and manufacturing that touches
nearly every aspect of the vehicle, we are positioned to support advancing mobility in a
transforming industry. Our global network includes 343 manufacturing operations and 91 product
development, engineering and sales centres spanning 28 countries.
For further information about
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
.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3b6f5d9-ee13-4068-89c9-4431de30de1f
https://www.globenewswire.com/NewsRoom/AttachmentNg/829ba0e0-d5db-40ba-b326-510dc2a7afbb
Source: Magna International Inc.
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