JCI exec Edwards to replace McElya as CEO of Cooper-Standard
DETROIT -- Supplier Cooper-Standard Holdings Inc. today announced the hiring of Johnson Controls Inc. executive Jeffrey Edwards as president and CEO.
Edwards will succeed longtime Cooper-Standard executive James McElya, effective Oct. 15.
Edwards also has been elected to the board of directors of the supplier of sealing and fluid systems.
Edwards, 50, previously was group vice president and general manager of JCI's automotive experience business group in Asia. Before that, he was group vice president and general manager of JCI's automotive experience group in suburban Detroit.
McElya, 64, will continue as chairman of the company until his term expires in May 2013.
"Jeff is a talented and proven executive who brings a track record of success in leading and growing large, complex automotive supply businesses both in North America and, most recently, Asia," McElya said in a statement.
"As Cooper Standard moves forward with its strategic initiatives to accelerate the growth and diversification of its business worldwide while maintaining strong overall financial performance, Jeff has the right skills and experience to lead the company in further strengthening its position in both developed and developing markets."
McElya has been Cooper-Standard's chairman and CEO since March 2009. Before that, he was its president and CEO and held many other executive positions in the company, including corporate vice president of Cooper Tire and Rubber Co.
McElya led the supplier through Chapter 11 bankruptcy, which it filed in August 2009 with more than $1.1 billion in debt. The company emerged from bankruptcy in May 2010 after McElya and his team cut $650 million in debt. The company emerged in the hands of bondholders in a debt-for-equity swap in the reorganized company.
Since then, the supplier had put itself up for sale and considered a move to go public, before backing off on both moves last year because of the European market collapse.
Cooper-Standard reported net income of $320.3 million in 2011 on revenue of $2.4 billion. The company ranks No. 63 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $2.85 billion in 2011.
Editor's note: Earlier versions of this story misstated James McElya's first name.
PRESS RELEASE: COOPER STANDARD ANNOUNCES MANAGEMENT SUCCESSION
Jeffrey Edwards to Succeed James McElya as CEO
NOVI, Mich., October 2, 2012 - Cooper-Standard Holdings Inc. (OTCBB: COSH), a leading global supplier of automotive sealing, fluid and anti-vibration systems, today announced that Jeffrey S. Edwards, a 28 year veteran of the global automotive industry, has been named to succeed James McElya as President and Chief Executive Officer of the Company and its principal operating subsidiary, Cooper-Standard Automotive Inc., effective October 15, 2012. Mr. Edwards also has been appointed to the Board of Directors of both companies effective the same date.
Under the succession plan, Mr. McElya, 65, has announced that he will retire as an executive of the Company as of October 15, 2012. Mr. McElya is expected to continue to fulfill his current term on the Company's Board of Directors, serving as its Chairman.
Mr. Edwards, 50, recently headed the Automotive Experience Asia group for Johnson Controls, Inc., a leading global supplier of automotive seating, overhead systems, door and instrument panels and interior electronics, serving as Corporate Vice President as well as Group Vice President and General Manager. He previously served as Group Vice President and General Manager for Automotive Experience North America and also as Group Vice President and General Manager for product and business development for Johnson Controls.
"Jeff is a talented and proven executive who brings a track record of success in leading and growing large, complex automotive supply businesses both in North America and, most recently, Asia," said Mr. McElya. "As Cooper Standard moves forward with its strategic initiatives to accelerate the growth and diversification of its business worldwide while maintaining strong overall financial performance, Jeff has the right skills and experience to lead the Company in further strengthening its position in both developed and developing markets."
"I am thrilled to be joining Cooper Standard at a time of great opportunities in the global automotive industry," said Mr. Edwards. "The Company is a recognized leader in its businesses, and its global footprint, customer-oriented culture and strong balance sheet make it a highly attractive partner to OEMs. I look forward to leading the Cooper Standard team and aligning with our customers around the world to grow in the dynamic environment ahead of us."
Cooper Standard's products are consistently on the top selling global vehicle platforms, with the Company benefiting from a highly diversified customer base that has more than doubled in Asia and South America in recent years. The Company's leading technology and engineering capabilities are well positioned as solutions for rising fuel efficiency and emissions standards globally.
David Mastrocola, Lead Director and Chairman of the Governance Committee of Cooper-Standard's Board of Directors, said: "On behalf of Cooper Standard, I would like to thank and congratulate Jim McElya for his many years of strong and effective leadership. We are pleased that we will continue to benefit from Jim's experience and guidance as Jeff Edwards assumes leadership of the Cooper Standard team. Jeff is a leader of exceptional vision and ability and we are delighted to welcome him to Cooper Standard."