Tom Chambers will replace Tim Leuliette as CEO of Dura Automotive Systems and managing director of the automotive group at Patriarch Partners, the private equity firm that owns a majority stake in the supplier.
Tom Chambers has served as Dura COO since early 2009. Meanwhile, Jeff Stafeil has been promoted to Dura’s CEO from CFO.
According to Lynn Tilton, Partriarch’s founder and CEO, the management shake up could lead to a merger of Dura and Global Automotive Systems, its other major automotive holding. Tilton said in an interview that she has been hoping for that merger since Patriatrch acquired a $125 million, majority stake in Dura in January.
She said that when Dura was purchased, it was expected that the two companies will merge eventually. She shared that an agreement between the companies has made it possible for them to “share the best and brightest talent.”
She said that this makes a merger easier to accomplish. She cited an example: Jim Gregory, the CFO of Global Automotive who is moving to the top finance post at Dura. When Patriarch acquired its stake, Leuliette was Dura’s CEO.
He was immediately appointed managing director of Patriarch’s auto practice, heading both Dura and Global Automotive.
Tilton shared that a succession plan was there right from the start. She said that Leuliette was “integral” in this balance sheet and operational restructuring. She also revealed that both companies have had “a record year” of profitability