New Year Brings New CEO for Magna

Rhea-AI Summary

Swamy Kotagiri, a 21-year veteran of Magna, officially took over as Chief Executive Officer on January 1, 2021. His extensive experience in engineering, operations, and R&D has positioned him to guide the company through its ongoing evolution in the high-tech mobility sector. Kotagiri aims to enhance the future of mobility by leveraging Magna's strong team and entrepreneurial culture. He was recently recognized in Business Insider’s list of influential business figures.

Positive

• Swamy Kotagiri's 21 years of experience with Magna could provide continuity and stability in leadership.
• Kotagiri's vision focuses on advancing mobility technology, which may attract investment and innovation.

Negative

• Concerns about potential gaps in leadership continuity as Kotagiri transitions into the CEO role.

• 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.

“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

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

FAQ

When did Swamy Kotagiri become CEO of Magna?

Swamy Kotagiri officially became the CEO of Magna on January 1, 2021.

What is Swamy Kotagiri's experience with Magna?

Swamy Kotagiri has over 21 years of experience at Magna, serving in various roles including engineering, operations, and R&D.

What is Kotagiri's vision for Magna's future?

Kotagiri aims to advance mobility for everyone while addressing the complexities of future mobility.

How is Swamy Kotagiri recognized in the business community?

Swamy Kotagiri was featured in Business Insider’s list of 100 People Transforming Business.