By Colin Kellaher

Magna International Inc. on Friday said its chairman, William Young, plans to retire and won't stand for re-election to the board at the auto-parts giant's annual meeting.

The Aurora, Ontario, company said Robert MacLellan, a director since 2018 who currently chairs the board's audit committee, will succeed Mr. Young as chairman following the May 3 meeting.

Mr. Young, who joined the board in 2011, has been chairman since 2012.

Magna said Cindy Niekamp, a director since 2014, also plans to retire at the end of her current term in May. The company said Thomas Weber, a former member of its technology advisory council and a former executive at German auto maker Daimler, will join the board as a non-independent director.

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(END) Dow Jones Newswires

02-11-22 0615ET