Source: Meritor announcement
TROY, Mich. – Meritor, Inc. (NYSE: MTOR) announced that Jay Craig, chief executive officer and president, will transition to the role of executive chairman of the Board of Directors on Feb. 28, 2021. Chris Villavarayan, executive vice president and chief operating officer, will succeed Craig as chief executive officer and president at that time and will also join the company’s Board.
Meritor’s current chairman, William R. Newlin, will become lead director of the Board as part of this transition plan.
“On behalf of the entire Board, I would like to thank Jay for his stewardship and commitment to Meritor,” Newlin said. “Under Jay’s leadership, Meritor has expanded its product portfolio, strengthened its financial foundation and delivered significant value to shareholders. We look forward to his ongoing contributions as executive chairman of the board.
“As Jay transitions to his new role, we are fortunate to have Chris, who has overseen global operations for the company, in addition to product and customer strategy and supplier relationship management, step in as CEO to help usher in the next phase of growth and innovation.”
“With our M2022 plan well underway, now is an ideal time to begin a leadership transition,” said Craig. “Chris has been an integral member of our leadership team and my partner in executing successful M2016 and M2019 plans. I am confident he will build upon Meritor’s long track-record of serving customers, driving shareholder value and supporting our global employees. I am excited to continue working closely with Chris and supporting Meritor’s ongoing success as executive chairman.”
Craig continued, “It has been an honor to lead Meritor and I am humbled by the team’s unwavering commitment to our strategic direction. We remain steadfast in our drive for innovation and superior customer service.”
Villavarayan said, “I am deeply honored to assume the CEO role and am energized by the opportunities to advance our technology leadership in the commercial vehicle market. Over the last 20 years at Meritor, I have worked alongside some of the best and most innovative talent in the industry. I would like to thank Jay for his guidance and support and the board for placing its trust in me. I look forward to building on the successful “M” plans and continuing to partner with Jay and the Board, the leadership team and our employees to further solidify Meritor’s leadership position in our traditional businesses, while also investing in future technologies, such as electric drivetrains.”
To view the entire announcement, click HERE.