International Automotive Components Group, a global supplier of automotive components and systems, including instrument panels and centre consoles, has named Natale "Nat" Rea as president and interim CEO of the Luxembourg-based company, effective immediately, the company said in a 4 June news release.
Robert "Steve" Miller is retiring from IAC, which has North American operations in Southfield, Michigan, after three years at the company's helm.
Miller, who wrote an autobiography on managing companies near collapse titled, "The turnaround kid: what i learned rescuing America's most troubled companies," is credited with leading IAC back to solid ground after founder Wilbur Ross Jr. stepped down as chairman in 2014 and hired Miller the following year.
In January, Miller was the recipient of Plastics News' 2017 Automotive Newsmaker of the Year award for his turnaround of IAC in just two short years.
Rea has more than 40 years of experience in the automotive industry. Prior to serving as president of his investment firm Rea Holdings Inc., he was president of Martinrea International Inc.'s automotive division, which produces lightweight cast aluminium engine blocks, transmission housings and structural components.
Martinrea was formed in 2002 after Rea International Inc. merged with Royal Laser Tech Corp. The Vaughan, Ontario-based auto supplier reported total sales of CHF$3.69bn (€3.2bn) in 2017.
"Nat's in-depth knowledge of the industry combined with his operational experience and proven track record of driving growth makes him an ideal addition to IAC's senior management team," Stephen Troy, chairman at IAC, said in a statement.
"We thank Steve Miller for his significant contributions to IAC over the last three years, including the development of our long-range strategic plan, the establishment of our joint venture Auria Solutions Ltd. with Shanghai Shenda Co. Ltd., as well as the successful recapitalization of the company and wish him well in his future," he said.
PN lists IAC as No. 1 in its injection moulder rankings for North America, with nearly $1.6bn in injection moulding sales for the region out of its $4.4bn in total global sales.
It was No. 41 in sister publication Automotive News' list of the top 100 global OEM parts suppliers, moving from No. 43 in 2014 and 2015.