Magna announces Board leadership and other changes

Automotive parts manufacturer Magna International Inc. has announced some upcoming changes to the leadership of its Board of Directors, ahead of the company’s annual meeting scheduled for May 3, 2022.

William Young. Photo Credit: Magna International Inc.

William L. Young, Magna’s Board Chair, will be retiring 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.

Robert MacLellan. Photo Credit: Magna International Inc.

“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.”

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.

Officials with Aurora, Ont.-based Magna say the Corporate Governance, Compensation and Nominating Committee of the Board has initiated searches for two independent directors, at least one of whom could serve on the Audit Committee.