Stoneridge Names Kevin Kramer President of Stoneridge Wiring Division and Vice President of Stoneridge - Former Alcoa/Goodyear executive to oversee Company's wiring business -
WARREN, Ohio, May 3, 2012 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced that Kevin Kramer has been named president of Stoneridge Wiring Division and vice president of Stoneridge. Kramer brings to the Company significant global experience in the commercial and automotive markets, as well as knowledge and established working relationships with many of Stoneridge's customers. He succeeds Mark Tervalon as the senior management team member with responsibility over Stoneridge's global wiring business. Tervalon will oversee the global electronics business as well as the Company's investment in PST, the Brazilian joint venture in which Stoneridge now has a controlling interest ownership.
Most recently, Kramer served as president of Alcoa's Growth Initiatives. In that capacity, Kramer helped to increase the company's consolidated revenues by more than $1 billion. He joined Alcoa in 2004 as president of its Cast Auto Wheels Division and was named president of its Wheel and Transportation Products business in 2008. Kramer began his career in 1983 at Goodyear, where he held various leadership positions of increasing responsibility before ultimately being named global vice president of OEM sales in 2002.
"We are very pleased to add Kevin to the Stoneridge team," said John C. Corey, president and chief executive officer. "His deep industry insight and knowledge will be invaluable to us as we continue to enhance our competitive position in the wiring sector."
Corey added, "The addition of Kevin will also allow us to strengthen our management of other business units. We now have the flexibility to more readily utilize our senior management team to address the strategic initiatives in our business segments and particularly in emerging markets such as India and China."
Kramer is a 1983 graduate of The Ohio State University and holds a BSBA in Marketing.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Statements in this release that are not historical fact are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant change in commercial vehicle, automotive or agricultural and off-highway vehicle production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company's facilities or at any of the Company's significant customers or suppliers; the ability of the Company's suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
SOURCE Stoneridge, Inc.