CHICAGO -- LKQ Corp.'s Board of Directors has elected Joseph Holsten to the role of vice chairman of the board. In addition, the Board has appointed Robert Wagman to the position of president and co-CEO, effective Jan.1, 2011. Holsten, who has served as president and CEO since November 1998, will continue to serve as co-CEO.

In conjunction with the management changes, Holsten announced his intention to resign from his officer position with the company at the end of the year. Following his resignation, Holsten intends to remain actively engaged with the company as vice chairman of the board and as a consultant regarding operations and corporate strategy.

Commenting on the changes, LKQ Chairman Donald Flynn, said, "Having Joe and Rob act as co-CEOs for the next year and having Joe agree to continue as vice chairman thereafter provides for an orderly succession plan and ensures management continuity as we continue to implement our growth and operations strategies."