DETROIT -- ArvinMeritor Inc. CEO Larry Yost's goal was to create a company with annual sales of $15 billion. He got halfway there.
Three months after its attempted takeover of rival Dana Corp. failed, ArvinMeritor said last week that it is seeking a successor to Yost. The company did not say how long the search may last.
Though ArvinMeritor does not have a mandatory retirement age, Yost turns 66 this month. Yost had put his retirement plans on hold when he went after Dana.
Yost's replacement will inherit a strong undercarriage and corner module business. But the Troy, Mich., supplier lacks strength in such areas as electronics to compete against suppliers that include Siemens VDO Automotive AG and Delphi Corp., which have sophisticated corner module technology.
"The appointment of an outsider, particularly one who might be open to divestitures rather than acquisitions for ArvinMeritor, might be a welcome development," says analyst John Casesa of Merrill Lynch in New York.