DETROIT -- Robert Remenar, an auto industry veteran who also held key posts at General Motors and Delphi, is stepping down as CEO of former Delphi unit Nexteer Automotive to become CEO of supplier Diversified Machine Inc.
Remenar, 56, will remain on Nexteer's board, the company said today.
Nexteer Chairman Guibin Zhao, 48, will add the CEO title, while COO Laurent Bresson, 40, becomes president, the supplier said in a statement.
According to a Bloomberg report, part of the reason for Remenar's move was Nexteer's lack of a long-term compensation plan. A spokeswoman for Nexteer denied that was an issue. "It's not why he's leaving," Donna Fontana wrote in an e-mail.
The Chinese-owned supplier makes electronic power-steering and hydraulics units for more than 60 customers, including Ford Motor Co. and GM. The company reported estimated revenue of $2.2 billion in 2011.
"Bob has led this company through a successful turnaround and sale, restored Nexteer's profitability and secured the business with growth and customer diversity," Zhao said in a statement. "He will continue to provide his counsel as a board member, but he has decided that he is interested in taking on a new challenge. We're grateful for his contributions and look forward to our continuing relationship going forward."
Remenar, who started his auto career in 1985 with GM's Saturn brand, has been CEO of Nexteer since October 2009.
He was president of the former Delphi Corp.'s steering division, as Nexteer was known when it was part of the GM spinoff, since 2002, according to Bloomberg.
Calfornia-based Platinum Equity acquired Diversified Machine, an aluminum and ductile iron castings maker, from Carlyle Group in December and plans to use it as a platform to add other castings firms, according to Bloomberg.
Delphi was spun off from GM in 1999 and emerged from bankruptcy in 2009. It's now called Delphi Automotive.Pacific Century Motors, a joint venture between Beijing-based Tempo Group and an affiliate of the Beijing municipal government, acquired Nexteer from GM in 2010 for $450 million. GM had reacquired Nexteer from Delphi Automotive in 2009, Bloomberg reported. Tempo's North American headquarters are in suburban Detroit.