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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRemy International Inc. President and CEO John Weber will resign at the end of February after leading the company for seven years, the Pendleton-based automotive supplier announced Friday.
Weber, 56, has agreed to remain as a director. A company official said it was Weber's desire to stay with the company but lighten his day-to-day responsibilities.
“His wife lives in Arizona. For personal reasons, now is a good time [for him] to take a less intensive role in the operations of the business,” said Eric Struik, Remy's director of investor relations.
John Pittas, Remy’s senior vice president and chief commercial officer, will take over as CEO.
Weber's resignation comes a little more than a month after he took the company public.
Remy shares began trading at $15.85 a piece Dec. 13. The shares closed at $17 on Thursday and rose 12 cents Friday morning.
The 6,500-employee company, with about 400 people in Indiana, makes, remanufactures and distributes starters and alternators for vehicles.
Sales during the first nine months of 2012 slid 5 percent, to $865.3 million, from the previous year. The company generated a $122.7 million profit during that period after including a $74.4 million boost from a one-time tax benefit.
Remy will release fourth-quarter and year-end earnings Feb. 18.
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