Robert F. MacLellan to succeed William L. Young as Magna’s board chair
by CM Staff
Magna has also announced several other changes to its board members.
AURORA — William L. Young, Magna’s Board Chair, has communicated his intention to retire from the company at the end of his current term. Magna’s board has selected Robert F. MacLellan, currently audit committee chair, to succeed Young after their annual meeting.
“It has been and continues to be an honour to serve as Magna’s Chairman, working along-side a talented Board and Management team as the industry continues to transform,” said Young in a statement.
“Magna’s leadership team is managing these unprecedented times with financial discipline and innovative thinking which will benefit all stakeholders for years to come.”
MacLellan said in a company statement that although he has big shoes to fill, he looks forward to tackling his new role at such an exciting time in the automotive industry.
Other 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.
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.