DURA Automotive Systems Announces Management Change Following Successful Turnaround

- Jeff Stafeil elects to step down as CEO

- Lynn Tilton to take role as interim CEO

Oct 31, 2012, 08:30 ET from DURA Automotive Systems, LLC

AUBURN HILLS, Mich., Oct. 31, 2012 /PRNewswire/ -- DURA Automotive Systems, LLC announced today that CEO Jeff Stafeil has elected to leave the company following a successful turnaround and reorganization of the business. Lynn Tilton, founder and CEO of Patriarch Partners, DURA's parent company, will step in as interim CEO until a successor has been named.

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 "Jeff joined DURA during a critical period on our journey to revitalize the business," said Lynn Tilton, founder and CEO of Patriarch Partners. "Through his dedicated leadership he directed an extensive reengineering of the company. Today DURA has an exceptional balance sheet, a low-cost manufacturing footprint and a portfolio of leading product technologies. On behalf of DURA, we thank Jeff for his leadership and service and wish him the very best success in his future endeavors."

"The DURA team has executed a remarkable turnaround and the company is now among the world's top performing automotive suppliers," said Jeff Stafeil, CEO of DURA Automotive. "While the decision to leave the company was difficult to make, the past four years have been the most satisfying of my career. I am proud of our accomplishments and confident that DURA's solid financial footing, established management team and new operating structure will position the company for tremendous future success."

DURA is organized in three global product divisions, each led by proven executives with a significant history with the company. Reporting to the Chief Executive Officer, the executive leadership team is comprised of the following individuals:

  • Chief Financial Officer – Jim Gregory (7 years)
  • Chief Commercial Officer – Francois Stouvenot (9 years)
  • Control Systems Division President – Mario Buttino (22 years)
  • Exterior Systems Division President and COO – Martin Becker (15 years)
  • Structural Systems Division President – Henry Whiting (6 years)
  • Vice President and General Manager of AsiaJay Cheng (1 year)

"Our established leadership across three aligned global business divisions will allow the organization to continue to advance with agility, speed and focus. We look forward to navigating the next phase of our growth trajectory with our streamlined organization structure and continued passion for delivering innovative technologies and sustainable value to our customers," said Ms. Tilton.

About DURA Automotive Systems:
DURA Automotive Systems, a Lynn Tilton company, is a leading independent designer and manufacturer of control systems, exterior systems and structural systems for the global automotive industry. DURA markets its automotive products to every North American, Asian and European Original Equipment Manufacturer (OEM) and many leading Tier One automotive suppliers. DURA is headquartered in Auburn Hills, Michigan, USA, with more than 11,000 employees in 35 manufacturing operations in 15 countries. Information about DURA and its products is available on the Internet at www.duraauto.com.

SOURCE DURA Automotive Systems, LLC