Patriarch Partners announced Thursday some management changes to its automotive platform, which includes DURA Automotive Systems and Global Automotive Systems. Tim Leuliette is no longer MD of the platform and is stepping down as CEO of DURA. He will be replaced by Jeff Stafeil, who was CFO of DURA. Tom Chambers, DURA’s COO, was made an MD of the platform. Martin Becker, EVP and GM of DURA’s control systems division, will become COO of DURA and replace Chambers. Jim Gregory becomes EVP and CFO of DURA, replacing Stafeil. Gregory was VP and CFO of Globla Automotive Systems. Patriarch Partners, of New York, is a PE firm.
Patriarch Partners’ Automotive Platform today announced a new management structure for DURA Automotive Systems and Global Automotive Systems (“GAS”). Tim Leuliette will step down as Managing Director for the Platform and Chief Executive Officer of DURA, following a successful operational and balance sheet restructuring.
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“I want to thank Tim for his leadership at the helm during one of the most difficult periods in the history of our industry and our nation’s economy,” said Lynn Tilton, Founder and Chief Executive Officer of Patriarch Partners. “Our strong financial position, advanced technology and exceptional management team will allow us to move forward aggressively into our next phase of innovation and growth.”
The following management team members have been promoted to complete the new organization:
* Tom Chambers, who has served as Chief Operating Officer for DURA since January, 2009 has been appointed Managing Director of Patriarch Partners’ Automotive Platform, succeeding Tim Leuliette. In this role, Tom will be responsible for DURA and Global Automotive Systems. Tom will also continue as the Chief Executive Officer of GAS, a position he has held since May, 2010.
* Jeff Stafeil becomes Chief Executive Officer of DURA, replacing Tim Leuliette. Jeff was Executive Vice President and Chief Financial Officer for DURA.
* Martin Becker becomes Executive Vice President and Chief Operating Officer for DURA, replacing Tom Chambers. Martin was Executive Vice President and General Manager for DURA’s global control systems division.
* Jim Gregory becomes Executive Vice President and Chief Financial Officer for DURA, replacing Jeff Stafeil. Jim was Vice President and Chief Financial Officer for Global Automotive Systems. Jim will continue to support the GAS financial operations until a successor is named.
“The depth and talent within both DURA and GAS allows us to exercise a management succession plan that promotes and hires from within,” Tilton said. “Our new management structure strongly positions the Patriarch Automotive Platform to achieve our strategic growth and performance initiatives.”
In September 2010, DURA and GAS announced their national certification as a women-owned business enterprise. The certification allows Patriarch Partners’ companies to assist customers in achieving supplier diversity objectives in the United States.
About DURA Automotive Systems:
DURA, a Patriarch Partners company, is a leading independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. DURA markets its automotive products to every North American, Asian and European original equipment manufacturer (OEM) and to many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Michigan, USA, with more than 10,000 employees in 32 manufacturing operations in 16 countries. Information about DURA and its products is available on the internet at www.duraauto.com.
About Global Automotive Systems:
Global Automotive Systems LLC (GAS), a Patriarch Partners company, is a manufacturer of metal-formed automotive products. Core capabilities include stamping, roll forming and stretch bending as well as the manufacture of tubular products and welding assemblies. Headquartered in suburban Detroit, the Company was formed in 2005 to acquire certain assets of several bankrupt companies, resulting in a business with over 7 facilities and 900 employees.
About Patriarch Partners, LLC:
Patriarch Partners is a vertically integrated distressed private equity firm with robust in-house operational turnaround expertise. Patriarch Partners, LLC (“Patriarch”), founded in 2000, was built upon a proprietary patented financial model designed to manage and monetize the distressed portfolios of financial institutions. Patriarch has since evolved into a global investment firm that concentrates on direct investments in stressed and distressed businesses, managing funds with over $7 billion of equity and secured loan assets with equity investments in more than 70 companies, and controlling interests in approximately two-thirds of these. For more information, please visit www.patriarchpartners.com.
SOURCE Patriarch Partners