ROCHESTER HILLS, Mich. — DURA Automotive Systems has announced new management appointments. These appointments result from the previously-announced acquisition of a majority interest in DURA by affiliates of Patriarch Partners LLC and the planned integration of Global Automotive Systems (GAS), another Patriarch-affiliated company, with DURA.
Timothy Leuliette becomes executive chairman of DURA and a managing director at Patriarch. In the role of executive chairman, Leuliette, who had been chairman, president and CEO, will continue to provide oversight to the company. As a managing director at Patriarch, he will be responsible for various Patriarch business interests, including DURA.
"We have a solid management team and strategic vision that make DURA a lean, globally-competitive supplier that continues to provide high-quality products and technologies to our customers," Leuliette said. "Our transaction with Patriarch and our new management structure position DURA well for future growth."
Torben von Staden, current president and CEO of GAS, becomes president and CEO of DURA. von Staden will report to Leuliette.
The following management team members also will report to Leuliette:
• Jeffrey Stafeil, executive vice president and chief financial officer
• Theresa Skotak, executive vice president and chief administrative officer
• Jim Gregory, executive vice president, corporate development
The following management team members will report to von Staden:
• Tom Chambers, executive vice president and chief operating officer
• Francois Stouvenot, executive vice president, sales
• Rob Deni, executive vice president, procurement and logistics
• Avinoam Heller, executive vice president, specialty products
DURA announced its recapitalization and restructuring transaction with Patriarch on Dec. 10, 2009. Under that agreement, Patriarch said it would invest up to $125 million of capital and take a controlling stake in DURA. The closing of this transaction on Jan. 21 completed the transformation of DURA, a company that emerged from Chapter 11 bankruptcy protection in June 2008, into an automotive supplier with a strong balance sheet, industry-leading intellectual property and a broad low-cost global presence.
DURA manufactures driver control systems, seating control systems, glass systems, engineered assemblies, structural components, structural door modules and exterior trim systems for the global automotive industry. With the integration of GAS, DURA will have sales of $1.6 billion and 10,800 employees in 39 manufacturing operations in 16 countries.
"We believe that, together, these two companies create a launching pad for tremendous growth as long-term partners to the industry OEMs. The combined management teams provide a depth and breadth of talent that has exceeded all our expectations. We are excited to watch the platform flourish," said Lynn Tilton, chief executive officer of Patriarch Partners.
