Survey Says CEO’s are Defined by the Cars They Drive
U.S. employees pay close attention to what their company head drives, with only 10 percent of nearly 3,000 people not knowing, a recent survey has found. BMW was the most popular make driven by C-level executives — executives with "chief" in their title — yet it accounted for only 13 percent of the total, the survey TheLadders.com conducted for USA Today found.
GM’s Lutz May Retire in 2010
Automotive industry icon Robert Lutz wants to retire from General Motors Corp. after the company brings a plug-in electric car to market, possibly sometime in 2010, he said Tuesday. The 75-year-old Lutz, now GM’s vice chairman for global product development, is shepherding development of the Chevrolet Volt, which the company sees as a mainstream electric sedan that can be recharged by plugging it into a household outlet.
New President and CEO for Webasto
ROCHESTER HILLS, MI — Global automotive supplier Webasto AG has appointed Brett Healy as president and CEO of its North American subsidiary, Webasto Roof Systems, Inc. (WRSI), effective Jan. 1, 2008. He succeeds Fred Olson who, after 10 years of leading WRSI, will retire, on Dec. 31. Healy has been with WRSI since 1984 and
Automaker, Supplier Shares Fall Following Interest Rate Cut
Shares of automakers and their suppliers largely fell Tuesday, after the Federal Reserve cut a key interest rate by one-quarter of a percentage point. The reduction in the federal funds rate to 4.25 percent marked the third consecutive rate cut and is expected to be matched by a cut in the prime rate that commercial banks use as the base for consumer and business lending, which could translate into lower rates for auto loans. Fed officials signaled that further cuts were possible if a severe downturn in housing and a crisis in mortgage lending get worse.
Delphi Can Begin Bankruptcy Vote Process
Delphi Corp. can begin soliciting votes for its plan to exit bankruptcy, the company’s lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country. Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order today. Delphi’s reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.
ASA Announces Formation of PAC
BEDFORD, TX — ASA has announced the formation of a Political Action Committee (PAC). A PAC is a committee formed to pool resources together for political purposes. The ASA PAC can accept donations from ASA members only. All of these contributions are voluntary and must come from personal funds. After receiving donations, the PAC will
Dana’s Post Bankruptcy Board of Directors to Include Political, Financial Leaders and Top OE, Aftermarket Execs
As it prepares to emerge from Chapter 11 reorganization, Dana Corp. has announced the names of nine executives who are expected to serve as members of Dana’s board of directors, after its bankruptcy proceedings have ended. The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience.
DURA Automotive Announces Sale of Jack and Tool Kit Business to Indian Manufacturer
DURA Automotive Systems has completed the sale of its North American jack and tool kit business to automotive supplier Autoline Industries Ltd. DURA had earlier announced plans to sell the business as part of a corporate restructuring program. Customers of DURA’s jack and tool kit business include General Motors, Nissan, Ford and Honda, among others.
GKN Driveline and ZF to Jointly Develop Vectoring Systems
DETROIT — GKN Driveline and ZF plan to jointly develop, manufacture and market rear-axle torque vectoring systems for rear and all-wheel-drive vehicles. The cooperative agreement between the two companies calls for the integration of mechanical and electrical components and the development of system software. The basic system under development includes two torque vectoring units flanged
Accuride Announces Executive Management Appointments
Accuride Corp. announced that Leigh Wright has been promoted to serve as the company’s senior vice president of Accuride Wheels. In addition, Edward Gulda will join the company as senior vice president of Brillion and Gunite. Wright, who previously served as Accuride’s vice president of Steel Wheels, will now be responsible for the strategic global leadership and manufacturing oversight of the company’s steel and aluminum wheel facilities. Gulda will be responsible for the strategic leadership and increased manufacturing efficiency of Accuride’s Brillion and Gunite strategic business units.