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Company News

UPDATE 1-Canada's Magna President Kotagiri to take over as CEO

(Adds details on retiring CEO)

Oct 20 (Reuters) - Canadian auto parts maker Magna International 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.

It is set to report third-quarter results on Nov. 6. (Reporting by Rachit Vats and Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)

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