Meritor announced that Ivor J. "Ike" Evans intends to step down from his position as executive chairman of the board, effective immediately. Evans will continue to serve as a director of the company, Meritor said.
"My decision to step down reflects the successful planned transition to new leadership. It has been a privilege to serve Meritor as both CEO and chairman during the last three years," said Evans. "I look forward to supporting the Meritor board of directors and am confident in the future of the company."
"On behalf of management and the board of directors, I want to express our appreciation for Ike's significant contributions to the company," said Jay Craig, CEO and president of Meritor. "Ike served as chairman and CEO of Meritor during a transformational period for the company as he successfully led the launch and execution of our M2016 plan, which has fundamentally improved the operations and financial health of the company. We are pleased that we will continue to work with Ike and benefit from his insight and experience as we drive Meritor forward."
William R. Newlin, currently lead independent director for Meritor and a member of the Compensation and Management Development Committee and the Corporate Governance and Nominating Committee, has been elected to serve as non-executive chairman of the board. Newlin has been chairman and a director of Newlin Investment Company since April 2007. He retired as chairman of the board of Kennametal in 2015. Prior to that, Newlin served as executive vice president and chief administrative officer of Dick's Sporting Goods until his retirement in March 2007.