Steve Miller, former chairman and CEO of Delphi Corp., has been named chairman of mid-market private equity firm MidOcean Partners. Mark Angelson, who was named firm chairman in December 2007, will remain on the MidOcean executive committee, but will devote most of his time to serving as chairman and CEO of publicly-held World Color Press.
MidOcean Partners, a leading middle market private equity firm, today announced that Robert S. “Steve” Miller will become Chairman of the firm, effective December 1, 2009. Mr. Miller will work with the firm’s Executive Board, provide strategic guidance to MidOcean’s portfolio companies, and participate in the sourcing, evaluation and execution of additional investments. Mark Angelson, who joined the MidOcean Executive Board in 2004 and was named Chairman in December 2007, will continue as a member of the Executive Board.
Mr. Miller, who is widely recognized for his broad operational experience, most recently served as Chairman and CEO, and then as Executive Chairman, of auto parts giant Delphi Corporation. He has also held top leadership posts at many companies including Federal Mogul, Bethlehem Steel, Waste Management, and Morrison Knudson.
“A core tenet of MidOcean’s investment strategy is leveraging the topflight executive and operating talent of our Executive Board and Management Affiliates to propel transformative growth in our portfolio companies. Steve has built an international reputation by successfully transforming businesses and is ideally suited to smoothly assume this key role and build upon our success to date,” said Ted Virtue, founder and CEO of MidOcean. “We’re fortunate that his experience and vision dovetail so well with the MidOcean strategy and look forward to working with him for the benefit of our investors and our portfolio companies. We envision the insights Steve will provide as a seamless continuation of the leadership provided by Mark Angelson as we continue to identify new investment opportunities and build value in our existing and future businesses.”
Mr. Virtue added: “Mark Angelson has served as an outstanding leader over the past two years, helping us to strengthen our firm and our investments. Though he now will devote his time to his role as Chairman and CEO of World Color Press, we are very fortunate that he will continue to serve as a member of our Executive Board.”
Mr. Miller said, “I have spent more than 40 years running companies in a variety of industries across different market cycles. I am looking forward to working with Ted and the MidOcean team as we share the belief that a focused strategy and the correct operating resources can create significant value for investors. As Chairman of MidOcean, I plan to share my experiences with the MidOcean portfolio companies and help them to reach their full potential by maximizing their brand, assets and intellectual capital.”
Mr. Miller began his career in 1968 at Ford Motor Company and after more than a decade there joined Chrysler Corporation where he worked for 13 years, eventually serving as Vice Chairman. While at Chrysler, international automotive operations and non-automotive operations all reported to him. Mr. Miller then joined James D. Wolfensohn, Inc., a New York investment bank, as a senior partner from 1992-1993.
Mr. Miller has considerable experience serving as a member of Boards of Directors in a variety of industries in which MidOcean is active such as consumer products (Coleman, Reynolds American, Kendall Jackson), financial services (US Bancorp) and industrials (Fluke, Motive Power, Waste Management). He currently serves as a director of software company, Symantec Corporation; global insurance conglomerate, American International Group, Inc. and United Airlines. He is a graduate of Stanford University and received his JD from Harvard Law School and his MBA from Stanford University Graduate School of Business. Mr. Miller is also the author of a well-received autobiography published in 2008.
MidOcean has developed a strong and active Executive Board, which is comprised of influential senior executives who have experience running large companies within MidOcean’s target sectors. These executives, who previously served as Chairman, CEO and other senior leadership positions with leading companies and government entities, provide unique insights including in-depth knowledge of industry dynamics, competition and operational capabilities.
About MidOcean Partners
MidOcean Partners (http://www.midoceanpartners.com) is a premier private equity firm focused on the middle market, with complementary investment strategies in credit and public equity. With offices in New York and London, MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth in the United States and Europe. Targeted sectors include consumer and leisure, media and communications, business and financial services and industrials. MidOcean utilizes a broad foundation of expertise in its focus industries and its transatlantic platform in seeking to create value through its investments.