DETROIT -- Auto supplier chief Joseph Day, who was brought into bankrupt automotive supplier Venture Holdings LLC less than three months ago, no longer is overseeing day-to-day operations.
Executives for the injection molder said the company had made faster than expected improvements under Day, and that due to personal reasons, he instead would take on a nonexecutive role.
"I remain encouraged about the progress we have made and that I expect the company to continue to make," Day said in a June 5 news release.
Day, the former head of Freudenberg-NOK of Plymouth, Mich., took the post of CEO at Venture when it filed for Chapter 11 reorganization in U.S. Bankruptcy Court in March. He has a strong reputation as a proponent of lean manufacturing.
Venture executives said the company has improved efficiency and quality, reduced cost and eliminated waste under Day's leadership. He now is chairman of the executive committee and the restructuring committees of the board.
A new executive team now is in place to oversee day-to-day actions, headed by turnaround consultant Donald MacKenzie of Conway, MacKenzie & Dunleavy of Birmingham, Mich. MacKenzie is Venture's chief restructuring officer.
Automotive News ranks Venture as the 71st-largest supplier of original equipment parts to the North American auto industry.