Magna announced 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. 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. 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.