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Valeo's Morin replaced by former Saint-Gobain deputy CEO
Valeo said today CEO Thierry Morin was stepping down in a disagreement over strategy. The French supplier named ex-Saint-Gobain deputy CEO Jacques Aschenbroich as his replacement.
Morin, who has been with the company for 20 years including eight as chairman, was given the title of honorary chairman of Valeo "in recognition of his significant contribution to the development of the group," the company said.
Valeo's board of directors decided on the management changes at a meeting on Friday.
"This decision comes as a result of strategic differences and the will of the board to change the group's governance structure," Valeo said.
Morin's successor, Aschenbroich, has held several posts in French administration, including in the cabinet of the prime minister in 1987 and 1988. He was deputy CEO of French specialty glass maker and building material company Saint-Gobain until December.
Pascal Colombani would serve as acting chairman of the board of Valeo, the group added.
Valeo last month became the first company to benefit from France's strategic investment fund, created by President Nicolas Sarkozy to rescue companies hit by the credit crisis. The fund bought 2.35 percent of the group for 19 million euros ($26.02 million).
Valeo has suffered as demand for new cars has plunged and carmakers have been forced to slow or stop production as the credit crunch hits consumer confidence.
French newspaper Le Figaro reported on its Web site on Sunday that Morin was quitting as Valeo CEO.
It reported that Morin refused to accept management changes proposed by the board and opposed a revision of company strategy.
According to the newspaper, Morin said he had not asked for the help of the government's strategic investment fund (FSI), which took a 2.35 percent stake in the company in February to help it through the financial crisis.
Morin has been Valeo CEO since 2001. During his tenure he has overhauled the French supplier.
Since 2003, he has opened more than 20 new factories while closing more than 40. Morin had started a push to buy more from low-cost countries.
But since 2007 Morin has been distracted by a boardroom battle with Valeo's biggest shareholder, the activist Pardus private equity fund.
Valeo announced late last year that it would cut 5,000 jobs worldwide in response to declining car production and a pessimistic outlook for 2009.
Valeo ranks No. 12 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $13.3 billion in 2007.
Morin, who has been with the company for 20 years including eight as chairman, was given the title of honorary chairman of Valeo "in recognition of his significant contribution to the development of the group," the company said.
Valeo's board of directors decided on the management changes at a meeting on Friday.
"This decision comes as a result of strategic differences and the will of the board to change the group's governance structure," Valeo said.
Morin's successor, Aschenbroich, has held several posts in French administration, including in the cabinet of the prime minister in 1987 and 1988. He was deputy CEO of French specialty glass maker and building material company Saint-Gobain until December.
Pascal Colombani would serve as acting chairman of the board of Valeo, the group added.
Valeo last month became the first company to benefit from France's strategic investment fund, created by President Nicolas Sarkozy to rescue companies hit by the credit crisis. The fund bought 2.35 percent of the group for 19 million euros ($26.02 million).
Valeo has suffered as demand for new cars has plunged and carmakers have been forced to slow or stop production as the credit crunch hits consumer confidence.
French newspaper Le Figaro reported on its Web site on Sunday that Morin was quitting as Valeo CEO.
It reported that Morin refused to accept management changes proposed by the board and opposed a revision of company strategy.
According to the newspaper, Morin said he had not asked for the help of the government's strategic investment fund (FSI), which took a 2.35 percent stake in the company in February to help it through the financial crisis.
Morin has been Valeo CEO since 2001. During his tenure he has overhauled the French supplier.
Since 2003, he has opened more than 20 new factories while closing more than 40. Morin had started a push to buy more from low-cost countries.
But since 2007 Morin has been distracted by a boardroom battle with Valeo's biggest shareholder, the activist Pardus private equity fund.
Valeo announced late last year that it would cut 5,000 jobs worldwide in response to declining car production and a pessimistic outlook for 2009.
Valeo ranks No. 12 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $13.3 billion in 2007.
