Canada's Magna President Kotagiri to take over as CEO

FILE PHOTO: Magna Steyr company logo is pictured at their factory site in Graz October 14, 2010. REUTERS/Herwig Prammer

(Reuters) - Canadian auto parts maker Magna International MG.TO said on Tuesday President Seetarama Kotagiri would take over as chief executive officer in January.

Kotagiri, a 21-year veteran of the company, will succeed Don Walker, who will retire at end of 2020 after holding the top job for 15 years.

The Ontario-based company in August forecast 2020 sales between $30 billion and $32 billion, above analysts’ estimates. [nL4N2F92TF]

It is set to report third-quarter results on Nov. 6.

Reporting by Rachit Vats and Sanjana Shivdas in Bengaluru; Editing by Aditya Soni