DETROIT -- Bob Remenar, who made a name for himself as the man who saved supplier Nexteer with a series of bold actions, has stepped down as CEO of the former General Motors and Delphi unit to become head of Diversified Machine Inc.
Remenar, 56, will remain on Nexteer's board, the Chinese-owned supplier said.
He has been CEO since Day One for the company in October 2009 -- after it was returned to GM from Delphi and renamed Nexteer. But he'd been running the operation since 2002, when it was still known as Saginaw Steering Gear, a part of Delphi.
In 2010, GM sold Nexteer to the Chinese investment group Pacific Century Motors.
Ten days after Delphi filed for bankruptcy protection in October 2005, Remenar asked for a meeting with Delphi's leadership. Instead of winding down Saginaw Steering, he asked to be given a chance to save the unit. And his bosses agreed.
Remenar, who joined GM in 1985, stuck with the supplier through the bankruptcy of GM, Nexteer's main customer.
Nexteer Chairman Guibin Zhao, 48, is adding 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.
Nexteer makes electronic power-steering and hydraulics units for more than 60 customers, including Ford 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."
Platinum Equity, a private equity firm in Los Angeles, 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.