21 Nov IAC Announces New Board Appointments
LUXEMBOURG (November 21, 2014) – International Automotive Components Group, S.A. announced today the appointment of Patrick Machir to its Board as well as the Board of its parent company, International Automotive Components Group North America, LLC (“IAC”) effective November 19, 2014. Mr. Machir is a Principal at WL Ross & Co. LLC (“WLR”) and has worked closely with IAC management since 2006, shortly after funds managed by WLR made their initial investment in the Company.
Mr. Machir replaces Wilbur L. Ross, Jr. who has served on IAC’s Boards since the Company’s formation. In addition, Stephen Toy, Senior Managing Director of WLR and a current director on IAC’s Boards has been appointed to the role of Chairman. Mr. Ross has been named Chairman Emeritus. “We are sorry to lose Mr. Ross as an active board member and we are grateful for his vision and steadfast commitment to IAC since the Company’s formation,” said James Kamsickas, President and CEO, International Automotive Components Group, S.A., “but we have every confidence that Messrs. Toy and Machir will carry forward the valued contributions we have come to expect from Mr. Ross and WLR.”
Mr. Ross resigned from the Boards due to new regulatory restrictions in the European Union which limit the number of directorships a bank officer may hold. Mr. Ross was recently appointed Vice Chairman of the Bank of Cyprus. When contacted for comment Mr. Ross said, “I regret having to resign from the Boards of IAC along with several other companies with whom I have worked closely, but I am fully confident that Stephen and Patrick will positively contribute to the Company going forward. Funds managed by WLR remain the majority shareholder of IAC and I will continue to be engaged with the Company through the WLR funds and as Chairman Emeritus.”
Mr. Toy added “IAC has grown to become a $5.2 billion global business and represents a significant holding for WLR. We will continue to be focused on finding ways to create value for our stakeholders.”
Mr. Machir joined WLR in 2006 and has been involved with IAC since its inception. Prior to joining WLR, Mr. Machir worked at Bear Stearns & Co. Mr. Machir earned a B.S. in Finance and Accounting from Georgetown University’s McDonough School of Business, and an M.B.A. from The Wharton School of the University of Pennsylvania.