Canadian auto supplier Magna International Inc. named President Swamy Kotagiri, 51, as its next CEO, effective Jan. 1.
The 21-year company veteran will succeed Don Walker, 64, who will retire as CEO at the end of the year.
"Given Swamy's role in aligning the company's strategy with the megatrends impacting new mobility and the 'car of the future,' he is the right leader to take Magna forward," William L. Young, chairman of Magna's board of directors, said in an Oct. 20 statement.
Kotagiri has more than 25 years of automotive industry experience, 21 of which have been with Magna, based in Aurora, Ontario. He had previously served as Magna's chief technology officer.
Walker's career at Magna spans 33 years, with the last 15 as CEO, his second stint in the role. He served in various leadership positions at the company, including CEO of former Magna unit Intier Automotive, its interiors business, between 2001 and 2005.
He also was CEO of Magna between 1994 and 2001.
"I would also like to commend Don for his success and thank him for his dedicated service," Young said in his statement. "Under his strong leadership, Magna has grown to be the third-largest global automotive supplier, one of Fortune's World's Most Admired Companies, and a perennial winner of customer, industry and technology awards."
Magna was No. 37 in the most recent Plastics News ranking of North American injection molders with an estimated $265 million in annual sales.