CHICAGO -- Auto parts maker ArvinMeritor said on Monday that CEO Larry Yost, who led an unsuccessful takeover bid for rival Dana Corp., plans to step down. The company's board has started a search for his successor.
It was not immediately known when Yost would step down.
Yost, who will turn 66 this month, has held his current position since Arvin Inc. and Meritor Automotive Inc. merged in July 2000. Prior to that, he had been CEO of Meritor.
The company said its board has hired an executive search firm to find his replacement, according to spokeswoman Lin Cummins. News that a headhunter had been hired by ArvinMeritor was first reported by supplierbusiness.com.
Yost's decision to step down comes less than two weeks after Terry O'Rourke, the company's president and COO resigned from his position.
ArvinMeritor on Jan. 28 had reported a drop in first-quarter earnings on higher costs and a charge for its unsuccessful bid to take over Dana Corp.