PARIS -- Media outlets have reported this morning that Thierry Morin, chairman and chief executive officer (CEO) or French car parts manufacturer Valeo SA, has stepped down.

Morin stepped down Friday and has been replaced by Jacques Aschenbroich as CEO. Aschenbroich was previously deputy CEO and president of the glass and high performance materials activities at Companie de Saint-Gobain SA.

Pascal Colombani will serve as Acting Chairman of the Board.

According to news reports, Morin's departure comes as a result of disagreements with key board members and shareholders over corporate strategy.