ArvinMeritor Appoints Brian Casey to Lead Investor Relations
ArvinMeritor has appointed Brian Casey, vice president and treasurer, to the additional role of investor relations, effective immediately.
Editor’s Ink: Raw Materials Hit Raw Nerve For Suppliers
We make our livelihoods in the automotive business, a business born in steel foundries and petroleum refineries. That’s exactly why the market is seeing dire pronouncements from manufacturers as they release their quarterly earnings statements. Many justifiably blame sluggish bottom lines on the cost of the very stuff they need to make and deliver the products you and your customers need to stay in business.
John Bean BFH 1000 Approved for Use in GM Dealerships
Snap-On Equipment’s John Bean BFH 1000 Total Ride Performance System was recently approved for inclusion in the GM Dealer Equipment program. The new agreement is the result of cooperative efforts between General Motors Service Operations and Snap-on Equipment to provide high quality wheel balancing solutions to General Motors Dealerships.
Exide Technologies Names New President for Transportation Americas Division
Exide Technologies has announced the appointment of Edward J. (E.J.) O’Leary, as president – transportation Americas, effective June 6. O’Leary succeeds Randy Siuda, who has left the company to pursue other opportunities. O’Leary has more than 25 years of management experience in the automotive industry and most recently served as president – The Americas at Oetiker Inc. His prior experience includes CEO of iStarSystems, vice president sales and distribution – The Americas at Federal-Mogul Corp., executive vice president sales and marketing at Cooper Automotive and national sales manager – Monroe Auto Equipment Co. at Tenneco Inc.
Goodyear Shareholders Elect Directors, Close Proposals at Annual Meeting
At Goodyear Tire & Rubber Co.’s annual shareholder meeting on April 26, new members of the board of directors were elected and several proposals were closed. Gary Forsee, Denise Morrison, Thomas Weidemeyer, John Breen and William Hudson Jr., were elected to the board of directors. Foresee, Morrison and Weidemeyer will serve until 2008, and Breen and Hudson will serve until 2006.
Accounting Concerns Jolt GM’s Stock
General Motors Corp.’s stock skidded Wednesday after accounting experts cast doubt on how the automaker reported certain transactions with former subsidiary Delphi Corp., its largest supplier. The Wall Street Journal reported Wednesday that several accounting experts it contacted had looked askance at the choices made. A GM spokeswoman insisted the accounting was appropriate and that the experts did not have complete knowledge of the transactions.
Car Nuts at Consumer Reports Produce Influential Reviews
Likely you’re familiar with Consumer Reports magazine and its reputation for scrupulous testing of vacuum cleaners, contraceptives, cordless drills, tuna, spray paint and, of course, automobiles. Its April “annual auto issue,” released in March, is must reading not only for car buyers but for car executives. It would be overestimating the reach of Consumer Reports to say it can make or break a vehicle, but not by much. With a circulation of more than 4 million — roughly triple the world’s largest automotive publication — the magazine’s effect is enormous.
Suits Accuse Visteon of Bad Bookkeeping
At least four law firms have filed suits against Visteon Corp. in U.S. District Court seeking class-action status on behalf of investors, alleging that poor management or accounting errors misrepresented the company’s financial health and inflated its value.
Visteon Releases Preliminary Fourth Quarter and Full Year 2004 Results
Visteon Corp. has announced preliminary fourth quarter and full year results for 2004. The company is announcing only preliminary results because during the course of the year-end closing process, errors were discovered in the company’s accounting for certain retiree health care and pension benefits and income taxes. Visteon is currently in consultation with its independent registered public accounting firm PricewaterhouseCoopers LLP reviewing prior reports filed with the Securities and Exchange Commission to determine if any other adjustments or corrections are necessary.
ETI to Host ToolTech Event in April
The Equipment and Tool Institute (ETI) this year plans to host a a unique networking and promotional opportunity for the motor vehicle tool and equipment industry, called ToolTech. ToolTech will take places Tuesday, April 26, through Thursday, April 28, at the Renaissance Esmeralda Resort, Indian Wells, Calif.