ArvinMeritor Inc. announced its board of directors has named Charles G. McClure chairman, president & CEO, effective Aug. 9. McClure will succeed Larry Yost, who is retiring from the company.
Previously McClure was president & CEO and a board member of Federal-Mogul Corp. During his tenure he improved the company’s bottom-line, strengthened customer relations, and developed an effective strategic plan.
McClure has over 25 years of automotive industry experience in a variety of leadership roles. He joined Federal-Mogul in January 2001 as a member of the board, president & COO. He became CEO in July 2003.
Yost is credited with launching the Meritor spinoff from Rockwell International Corp. in 1997 and led the ArvinMeritor merger in 2000. The company has grown from $3.1 billion in revenues in 1994 to over $8 billion today under Yost’s leadership.
“I know that ArvinMeritor is in good hands with Chip McClure leading the management team, and I look forward to a smooth transition,” Yost said.