Alcoa Named ‘Most Admired Company’ by Fortune Magazine
Alcoa has been named one of Fortune magazine’s “Most Admired Companies” in the magazine’s upcoming annual report on reputation. Alcoa is one of the world’s leading producers of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry, including the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets.
Early Bird Registration Discount Extended For GAAS
There is still time to hear the aftermarket’s leading experts discuss how the industry can work “Leaner, Faster, Better,” at the ninth annual Global Automotive Aftermarket Symposium (GAAS) program – set for Tuesday and Wednesday, May 18-19, at the Hyatt Regency, Chicago, Ill. – at a substantial savings.
Speedway Motorsports Announces Executive Appointments
Speedway Motorsports (SMI) has appointed James Holden, former CEO and president of DaimlerChrysler, to the company’s board of directors. Holden recently completed 27 years in the automotive industry including 19 with DaimlerChrysler, and its predecessor, Chrysler Corp. Highlights of his career include being named president of DaimlerChrysler in 1999 and CEO in June 2000.
Choice of Plant Upsets Steel Workers Union
Goodyear Tire & Rubber Co. may have violated its contract with the United Steelworkers of America by deciding to build a new line of passenger tires at a nonunion plant in Lawton, Okla., the union said. But the Akron tire maker denies it has broken the contract, and said it has no plans to move production of its new Assurance all-season radial tires to a union factory. The disagreement comes just five months after the two sides signed a new three-year contract, following months of tense bargaining that threatened to escalate several times into a strike or lockout.
Republic Names George Strickler CFO
Former BorgWarner Executive Vice President and CFO George Strickler has been named executive vice president and CFO for Republic Engineered Products, one of North America’s largest producers of special bar quality steel. Prior to joining BorgWarner in 2001, Strickler served as vice president of finance for Akron, Ohio-based Goodyear Tire & Rubber Co. He held finance and treasury positions at the tiremaker for 30 years. He was also executive vice president and CFO at Lake West Group, a retail consulting company based in Cleveland, Ohio.
Apogee Appoints New CFO
Apogee Enterprises, which develops and delivers value-added glass products and services for the automotive industry, has appointed William Marchido as its CFO. Marchido had been CFO at Siemens Dematic in Grand Rapids, Mich., since 1988. At Siemens Dematic, he was responsible for all financial areas, including IT systems management and productivity improvement programs, for the America’s Material Handling Division and locations in Europe, Singapore, New Zealand and Australia.
Moody’s Cuts ArvinMeritor Rating
ArvinMeritor Inc. said its debt rating was lowered to non-investment grade by Moody’s Investors Service and that the move will boost the company’s borrowing costs. Moody’s cut its rating on the Troy-based company’s long-term debt to Ba1, one level below investment grade, from Baa3, ArvinMeritor, said in a filing with the Securities and Exchange Commission. The company makes truck axles and automotive exhaust systems. Moody’s said the downgrade reflects ArvinMeritor’s “relatively poor performance” in 2003 and the first quarter of 2004, a result of lower vehicle production and slow demand for heavy trucks.
Tenneco Automotive Names Two New VPs
Tenneco Automotive has named James Perkins as vice president and controller and John Kunz as vice president and treasurer. Perkins joins Tenneco Automotive from GE Medical Systems Information Technology, where he most recently was director, commercial operations. Kunz joins Tenneco Automotive from Great Lakes Chemical Corp., where he most recently served as vice president and treasurer.
R&B Reports Sales and Earnings for the Fourth Quarter and Full Year
Automotive replacement parts supplier R&B has announced financial results for the fourth quarter and year, which ended December 27, 2003. For the fourth quarter, sales increased 1 percent to $55.6 million from $55.1 million in the same period last year. Net income in the fourth quarter of 2003 was $3.8 million compared to net income of $3.5 million in the same period in 2002. Diluted earnings per share in the fourth quarter increased 8 percent to $0.42 from $0.39 in the same period last year.
Executive Interview with Jim Taylor, CEO of Thomas Group
Our latest edition of “Executive Interview” features Jim Taylor, CEO of the Thomas Group. Taylor joined the Thomas Group in 2001 as vice president and CFO. From 1997 to 2001, Taylor served as president of the Chancellor Group, a Dallas, Texas, management consulting firm, where he assisted companies in restructuring, raising funds and completing initial public offerings. Join us as Taylor tells us more about the Thomas Group culture and how it works for its clients.