The board intends to appoint director Gillian Winckler as chair at the AGM in May and name Beaty as chair emeritus.
Beaty founded Pan American in 1994 and the company has grown over 27 years from a start-up to the second largest primary silver producer, plus become a significant gold producer.
Pan American said last month it expected a 35% increase in silver production, relative to 2020, and record gold production in 2021, of 22.5-24 million ounces and 605,000-655,100oz respectively.
"I am so proud and grateful to have worked with our wonderful and dedicated team in building this great company," Beaty said yesterday.
"Pan American Silver has never been in a better financial and operating condition, with many prospects for growth.
"I have full confidence in the company's leadership team and its employees to continue creating value for all stakeholders well into the future."
Winckler, who joined Pan American's board in 2016 and has more than 25 years' experience in the mining industry and financial sector including 16 years with BHP, said she was honoured to be nominated to replace Beaty.
"He and the team have built a company with an outstanding track record for excellence in mining, exploration, engineering and ESG, and I look forward to building on that legacy," she said.
Beaty, a geologist, was inducted into the Canadian Mining Hall of Fame in 2018 in recognition of his significant contributions to the industry.
He is also currently chair of the expanding Equinox Gold.
Pan American shares (TSX: PAAS) have ranged from C$14.22-$53.30 over the past year and closed down 0.1% yesterday to value it about $8.5 billion (US$6.6 billion).