Meritor to appoint new CEO

US company Meritor has appointed Ivor J. Evans as Executive Chairman of the Board and Interim Chief Executive Officer and President. Evans, who has been a member of the Board of Directors since 2005, succeeds Charles G. McClure, Jr. who is departing from the company.

“Ike Evans has extensive operational and manufacturing experience,” said David W. Devonshire, Presiding Director of the Board. “From his years as a chief operating officer and senior executive, in addition to his Board experience, he is well suited to serve as Meritor's Chairman and interim CEO.”

The search for the next CEO and President is already underway and will include internal as well as external candidates. Devonshire said, “We want to thank Chip McClure for his years of service to the Company and wish him well in his future endeavors.”

Ivor Evans served as President and Chief Operating Officer of Union Pacific Railroad from 1998 until 2004 and as Vice Chairman of Union Pacific Corporation from January 2004 until his retirement in March 2005. From 1989 to 1998, he served in various executive positions at Emerson Electric Company, including Senior Vice President, Industrial Components and Equipment. He also spent 21 years serving in key operations roles for General Motors Corporation.

The Board of Directors of Meritor also announced that William J. Lyons has been elected to the Board of Directors as a Class II director with a term expiring at the 2014 annual meeting of stockholders.  “Bill has extensive business, financial, and board experience and is a welcome addition to the Meritor Board,” said Rhonda L. Brooks, chairman of the Board’s Corporate Governance and Nominating Committee. “We look forward to working with him.”

“This is an exciting time for Meritor,” Ivor Evans concluded. “The Board and I welcome it as an opportunity to re-emphasize our belief in the fundamental values of Meritor and its potential.”

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