TORONTO, ONTARIO--(Marketwired - March 11, 2014) - Martinrea International Inc. (TSX:MRE) is pleased to announce that Frank Macher and Roman Doroniuk have joined its board of directors, effective March 10, 2014. Mr. Macher is presently the Chairman and CEO of Continental Structural Plastics, a market leader in composite and plastic products for the automotive industry. Mr. Doroniuk currently operates a consulting business providing financial and strategic advisory services to a variety of industries.
Rob Wildeboer, Martinrea's executive chairman, stated: "We welcome both Frank and Roman to our board. Mr. Macher is a leading figure in the auto parts industry with extensive international experience, which will assist Martinrea as we continue to improve our operations and global reach. Mr. Doroniuk is an experienced businessman and strategic thinker with outstanding financial acumen. Both bring vast operational, financial and governance experience to our board and we are confident they will add tremendous value."
Mr. Macher is an expert in strategic and business planning, advanced technologies, product development and manufacturing, and is a recognized leader in the automotive supplier industry with a career spanning over 45 years. Previously, he has served as President and CEO of Collins & Aikman, Chairman and CEO of Federal Mogul Corporation, and President and CEO of ITT Automotive, all multi-billion dollar automotive parts companies. Earlier in his career he spent 30 years at Ford Motor Company, holding a variety of increasingly senior executive positions, including Vice President of the Automotive Components Group (an $11 billion operation and predecessor to Visteon), Director of Corporate Quality, Chief Engineer - Interiors, and General Manager of two divisions. He has overseen global operations, including the establishment of multiple joint ventures in China. He has been a board member of multiple companies, including Mazda Corporation, Federal Mogul, Decoma, Collins & Aikman and Tenneco Corporation. He has also served on the MIT Leaders for Manufacturing Board and Stanford Industrial Manufacturing Advisors.
Mr. Doroniuk is a Chartered Accountant with 30 years of business experience and is a recognized expert in restructurings. Previously, he has served as Chief Operating Officer of Magna Entertainment, Executive Vice President, Strategic Planning of Magna International, President and Chief Operating Officer of Lions Gate Entertainment and Chief Financial Officer of Alliance Communications, among other executive positions. He presently serves as a director of several corporations, including Aimia Inc., where he also serves as Audit Committee Chair. His previous board positions include The Forzani Group, Canadian Airlines Corporation, Lions Gate Entertainment and Peoples Jewellers.
The Company also announced that Zoran Arandjelovic, a long standing director of the Company, has resigned from the board. Mr. Arandjelovic is in the process of establishing a new public company and will devote his efforts to the building of that business enterprise.
Wildeboer added: "We thank Zoran for his efforts and dedication to us over the years. He has been and remains supportive of the direction of the Company and of our team as a stakeholder. Mr. Arandjelovic has been a source of tremendous strength in our boardroom, with a direct and honest approach to issues. He is a wonderfully talented person, whose guidance has been invaluable. We will miss him and wish him the best in his future endeavours."
The Company is committed to effective governance that results in good corporate performance. The Company indicated a year ago that it would be adding independent directors to its board over time. At the 2013 annual shareholders meeting, six directors were elected to the board, including a new director, Scott Balfour. Since that time, the Company asked several major shareholders for suggestions on director candidates; these and others were reviewed by the Board's nominating committee. In February 2014, Terry Lyons joined the board, and the Company indicated that it intended to add an additional two independent directors to the board, which it has done with the appointments of Mr. Macher and Mr. Doroniuk.
About Martinrea International Inc.
Martinrea International Inc. (TSX:MRE) is a leader in the production of quality steel and aluminum metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector. Operating 38 plants in North America, South America, Europe and Asia, the Company is a Tier One supplier, serving vehicle manufacturers, automotive suppliers and other industrial sectors worldwide. For more information visit our website at www.martinrea.com.