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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

New Year Brings New CEO for Magna

January 4, 2021 GMT

  • 21-year company veteran Swamy Kotagiri takes the helm at Magna
  • Former Magna President and CTO blends strategic vision, leadership capabilities and technical expertise

AURORA, Ontario, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Last October, Magna’s Board of Directors announced the appointment of Swamy Kotagiri as Magna’s next Chief Executive Officer, effective January 1, 2021. Today, Kotagiri begins his first day as CEO and a Director of Magna International.

Kotagiri has been with Magna, one of the world’s largest suppliers in the mobility space, for more than 21 years and served in various product groups and corporate roles, spanning functions including engineering, operations and R&D. He contributed to the company’s recent growth and evolution through his operational leadership and aligned the organization’s strategy around the trends shaping future mobility.

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“Our industry is increasingly high-tech, complex and changing. In our 60-year history, Magna has continued to evolve with it, and I am confident we will continue to do so,” said Kotagiri. “How we look at and address the future of mobility will have far-reaching consequences, not just for people, but for society as a whole. My vision for the company is to continue advancing mobility for everyone and everything, while shaping a better future for all. Magna, our strong management team and our entrepreneurial-minded employees are up for the challenge.”

Kotagiri was recently featured in Business Insider’s 100 People Transforming Business, an annual list and series highlighting those across industries who are changing the way the world does business.

TAGS
Chief Executive Officer, corporate leadership

INVESTOR CONTACT
Louis Tonelli, Vice President, Investor Relations
louis.tonelli@magna.com, (+1) 905.726.7035

MEDIA CONTACT
Tracy Fuerst, Vice President, Corporate Communications & PR
tracy.fuerst@magna.com, (+1) 248.631.7004

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ABOUT MAGNA
We are a mobility technology company. We have over 157,000 entrepreneurial-minded employees, 344 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 that include body, chassis, exteriors, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

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/df3f6e2e-409d-4b32-871d-b6d709acbf90