Fred Jaekel to Step Down as Martinrea Chief Executive Officer; Nick Orlando to Assume CEO Role
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TORONTO, ONTARIO, Feb 22 (MARKET WIRE) -- Martinrea International Inc. (TSX: MRE) today announced that Fred Jaekel will be stepping down as Martinrea's Chief Executive Officer, effective the release of the Company's annual financial statements in mid-March, 2011, and will remain with the company as Chief Technical Officer. Nick Orlando, currently Martinrea's President and Chief Financial Officer, will assume the CEO role at that time. Rob Wildeboer, Martinrea's Executive Chairman, stated: "Fred's move from Chief Executive Officer into a new role, and Nick's move into the CEO role, reflects an organized succession plan being put into place. Nick's responsibilities and expertise have been increasing for some time, and our team, including Fred and Nick, all felt this was a good time to make the change. As we near the end of our first decade together at Martinrea as co-founders and friends, we note that we have grown from a tiny automotive parts supplier to a leader in our fields of expertise, with over 30 plants and 7,000 employees in North America and Europe. Fred has been a cornerstone of our success to date, and we will all continue to build our company together. I and our board of directors wish both Nick and Fred the very best in their new roles." "Martinrea is a tremendous company with a very bright future," Mr. Jaekel said. "I am very proud of the many great accomplishments achieved by our team, so far, during my time as CEO, particularly given the challenges of growing a company in a very tough industry that has been through the stresses of the past few years. I believe that our strength depends to a large extent on our technological and innovative competitive edge, and I will continue to help the company maintain that in my new role. I am very grateful for the support that both we as a team and I personally have received over the years, from our people and our stakeholders, and I am ecstatic that my long term friend and partner Nick Orlando, who I have worked with for almost two decades, will succeed me as CEO." "I am honoured to work for this company, and look forward to continue building it with what I view as a superb team of people," stated Nick Orlando. "We are ready to take the company to a new plateau, based on the same founding principles of operational excellence and financial discipline that we have always emphasized. We will continue to do our best as a team to act in the best interests of all our stakeholders. Fred has been a leading innovator in our business for a very long time, and Martinrea will continue to benefit from his technical expertise." The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE". Contacts: Martinrea International Inc. Rob Wildeboer Executive Chairman (416) 749-0314 (905) 264-2937 (FAX) Martinrea International Inc. Nick Orlando President and Chief Financial Officer (416) 749-0314 (905) 264-2937 (FAX) Copyright 2011, Market Wire, All rights reserved. -0-