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Martinrea International Inc. to Appoint Pat D'Eramo as President and Chief Executive Officer(Marketwire (Canada) Via Acquire Media NewsEdge) TORONTO, ONTARIO--(Marketwired - Oct. 20, 2014) - Martinrea International Inc. (TSX:MRE) ("Martinrea" or the "Company") today announced that Pat D'Eramo will be appointed as Martinrea's next President and Chief Executive Officer. He will join the Company on November 1, 2014. Nick Orlando, Martinrea's current President and Chief Executive Officer, will step down at that time, and will continue to provide services to the Company as a consultant as required. Mr. D'Eramo's appointment follows a comprehensive search process conducted by the Company's board of directors, which appointed a search committee of its members to oversee the process, to work with an executive search firm, and to make assessments and recommendations. Mr. D'Eramo, 52, has had a long and successful career in the automotive business, with extensive metalforming and parts manufacturing experience. Most recently, he has been the President of Dana Corporation's Commercial Vehicle Technology group, leading the global heavy truck driveline business, with presence in the Americas, Europe, India, Australia and a major joint venture in China. Previously, he was the Chief Manufacturing Officer, Asia Pacific, North America and South America and President North America for Benteler Automotive, a world leading automotive metalforming company. As President, Mr. D'Eramo was responsible for manufacturing, engineering, purchasing, logistics, sales and business development. From 2001 to 2009, Mr. D'Eramo worked for Toyota, serving as a Vice President of manufacturing after holding several general manager roles. As Vice President, he had responsibility for all vehicle manufacturing operations in Toyota's Georgetown, Kentucky assembly plant, Toyota's second largest facility globally, which earned JD Power quality awards for one of the best facilities for quality in the world. Prior to that, Mr. D'Eramo spent 16 years with General Motors working in a variety of manufacturing positions, including plant manager of GM's metal fabricating division in Oshawa, Ontario and manager of the stamping plant for NUMMI, the joint venture of GM and Toyota. Mr. D'Eramo began his automotive career at Saturn Corporation. Mr. D'Eramo earned a Bachelor of Science degree in mechanical engineering from Michigan State University and a master's degree in manufacturing management from Kettering University. He also completed the Toyota Executive Development Program through The Wharton School of the University of Pennsylvania. Rob Wildeboer, the Company's Executive Chairman, stated: "We are thrilled that Pat is joining us as our President and Chief Executive Officer. He is an accomplished and outstanding leader, an expert in key areas of our business, and a great team builder. We are confident that he will build on the platform we have created over the past 13 years, and will help guide this company going forward with distinction and a relentless focus on execution, as we strive to be the best automotive parts supplier in the world in what we do. We look forward to working together, along with the excellent team of people that we have here at Martinrea. We thank Nick Orlando for his many years of dedicated service to build this company from scratch, and wish him the best as he takes some time for himself. He will continue to assist us as a consultant, and his knowledge base, skill and expertise will remain a great asset for us." Pat D'Eramo stated: "I am honoured to join the Martinrea team, and look forward to continue building it with what I view as a superb group. I believe in the strategic focus of the company, people and team development, and operational excellence, and I look forward to building a culture of excellence at the company. I want us to be the supplier of choice for our customers." "The Board has been working toward an orderly succession plan for the CEO position and has been committed to ensuring a smooth transition," said Roman Doroniuk, Martinrea's Chair of the Human Resources and Compensation Committee. "We followed an exhaustive search process, met some great people, and believe we have made the best decision for Martinrea. We want to thank all those who worked with us in the process." "Martinrea remains a great company with a bright future," Mr. Orlando said. "We have grown from a small start up to an industry leader in our product areas. I am very proud of the many great accomplishments achieved by our team during my time here, and am grateful for the support that both we as a team and I personally have received over the years from our people, from our customers and our shareholders. I will continue to support Martinrea going forward." About Martinrea International Inc. Martinrea International Inc. (TSX:MRE) is a leader in the production of quality steel and aluminum metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector. Operating 38 plants in North America, South America, Europe and Asia, the Company is a Tier One supplier, serving vehicle manufacturers, automotive suppliers and other industrial sectors worldwide. For more information visit our website at http://www.martinrea.com/. FOR FURTHER INFORMATION PLEASE CONTACT: Martinrea International Inc. Rob Wildeboer Executive Chairman (416) 749-0314 (289) 982-3001 (FAX) www.martinrea.com Source: Martinrea International Inc. |