Recycled auto parts supplier LKQ Corp. announced Tuesday its current CEO Joseph Holsten will resign his position late next year, but will first serve as co-CEO for one year with Robert Wagman, the company’s current vice president of operations, to ease the transition for Wagman. Holsten, who has served as president and CEO since November 1998, will step down December 31, 2011.

After his resignation, Holsten will stay on at the company as vice chairman of the board and as a consultant for operations and corporate strategy.