TORONTO, ONTARIO--(Marketwired - March 31, 2014) - Martinrea International Inc. (TSX:MRE) today announced that Nick Orlando will be stepping down as Martinrea's President and Chief Executive Officer, effective date to be determined and will then remain involved with the Company as a consultant. The Company announced that it will conduct a search for a new President and Chief Executive Officer, commencing immediately.
Rob Wildeboer, the Company's Executive Chairman stated: "Martinrea has completed more than a decade of phenomenal growth, despite the challenges of a very competitive industry. That growth has been made possible only through the hard work and dedication of the entire Martinrea team, which has been led by Nick for the past several years. We have had many successes. We thank Nick for giving us his best, even while dealing with some personal health issues, and we wish him well. Meanwhile, he will help us in the search for a new President and CEO, help with the transition, and will assist us as a consultant after that. His knowledge base, skill and expertise are and will remain a great asset for us."
"Martinrea is a tremendous company with a bright future," Mr. Orlando said. "It is a very different company now than the small start-up it was in the beginning. I am very proud of the many great accomplishments achieved by our team during my time here, particularly given the challenges of growing a company in a very tough industry. I am very grateful for the support that both we as a team and I personally have received over the years, from our people, our customers and our stakeholders. I have always given my best for this company and will continue to support it going forward. My immediate focus is on improving our operations and processes in problem plants."
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".