Magna Announces Board Leadership and Other Changes

1032
Business Splash
Image: depositphotos.com
  • Board Chair, William L. Young, not standing for re-election
  • Audit Committee Chair, Robert F. MacLellan, selected by Board to succeed as Board Chair in May
  • Dr. Thomas Weber has been appointed to Board

TORONTO – BUSINESS – Magna announced today 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.

“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.”

“Although big shoes to fill, I look forward to tackling this role at such an exciting time in the automotive industry,” said MacLellan.

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.

“I want to thank Bill for his outstanding leadership and contributions to the company’s success over the last 11 years,” said Swamy Kotagiri, Magna CEO. “He has been instrumental in helping guide the company’s disciplined approach to growth.”

“The Board and Management team look forward to working with Rob and Peter in their new roles beginning in May. In addition, I would like to welcome Thomas and thank Cindy for her valued insights and contributions since joining the Board and Audit Committee,” Kotagiri added.

Fourth Quarter 2021 Highlights

  • Sales of $9.1 billion decreased 14%, compared to a 17% decrease in global light vehicle production
  • Diluted earnings per share and Adjusted diluted earnings per share of $1.54 and $1.30, respectively, compared to $2.45 and $2.83 last year
  • Returned $378 million to shareholders through share repurchases and dividends
  • Raised quarterly cash dividend by 5% to $0.45 per share

Full Year 2021 Highlights

  • Sales of $36.2 billion increased 11%, compared to global vehicle production which increased 4%
  • Diluted earnings per share and Adjusted diluted earnings per share of $5.00 and $5.13, respectively, compared to $2.52 and $3.95 last year
  • Returned over $1 billion to shareholders through share repurchases and dividends

AURORA, Ontario, Feb. 11, 2022 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2021.

THREE MONTHS ENDED
DECEMBER 31,
YEAR ENDED
DECEMBER 31,
2021 2020 2021 2020
Reported
Sales $         9,110 $ 10,568 $         36,242 $ 32,647
Income from operations before income taxes $         576 $ 973 $         1,948 $ 1,006
Net income attributable to
Magna International Inc.
$ 464 $ 738 $ 1,514 $ 757
Diluted earnings per share $         1.54 $ 2.45 $         5.00 $ 2.52
Non-GAAP Financial Measures(1)
Adjusted EBIT $         508 $ 1,095 $         2,064 $ 1,676
Adjusted diluted earnings per share $         1.30 $ 2.83 $         5.13 $ 3.95

All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.

Previous article4 Pro Tips by Psychologist and Influencer Dr. Ketam Hamdan on How to Stop Overthinking
Next articleSouth Africa’s mRNA hub progress is foundation for self-reliance
NetNewsledger.com or NNL offers news, information, opinions and positive ideas for Thunder Bay, Ontario, Northwestern Ontario and the world. NNL covers a large region of Ontario, but we are also widely read around the country and the world. To reach us by email: newsroom@netnewsledger.com. Reach the Newsroom: (807) 355-1862