Arvinmeritor Says CEO To Step Down, Seeks Successor

Auto parts maker ArvinMeritor said on Monday that chairman and CEO, Larry Yost, plans to step down, and the company’s board has started a search for his successor.
Yost, who will turn 66 later this month, has held his current position since Arvin Inc. and Meritor Automotive Inc. merged in July 2000. Prior to that, he had been chairman and CEO of Meritor.
The company said its board has hired an executive search firm to find his replacement, according to spokeswoman Lin Cummins. News that a headhunter had been hired by ArvinMeritor was first reported by supplierbusiness.com.
Yost’s decision to step down comes less than two weeks after Terry O’Rourke, the company’s president and chief operating officer resigned from his position.
ArvinMeritor on Jan. 28 had reported a drop in first-quarter earnings on higher costs and a charge for its unsuccessful bid to take over Dana Corp.