Known for rescuing Chrysler in 1981 from bankruptcy and also the more recent car technology supplier Delphi from a financial impasse, Steve Miller is diving back into the car business.
The 73-year-old car whisperer will become later this month the President, CEO and director of the $6 billion part company International Automotive Components (IAC). He is replacing James Kamsickas, who moved on as president and CEO of Dana Holding Coporation. Miller stepped into the auto industry back in 1960 when he joined Ford Motor Company as one of its executives who followed Lee Iacocca to Chrysler where he become extremely important in Chrysler’s first turnaround, which has been followed since by two more. Miller departed from Chrysler after a 13-year collaboration and became a turnaround expert who focused on saving companies going through a tough break.
“I have known Steve for many years and have always had a great deal of respect for his leadership and operating skills. Steve’s deep background and experience in the automotive industry are a great fit for the business, and will ensure continuity of service to our global customer base. Steve’s corporate roles often have drawn upon his turnaround experience, but that is not the case here. Our interest is in his automotive experience and relationships,” said Wilbur L. Ross, Junior, chairman of WL Ross & Co., which is IAC’s major shareholder.
Miller has previously been a board member of Federal-Mogul Corp. from 1993 to 2005 and an interim CEO a period of time in that interval. He is bringing years of auto supplier experience to IAC and broad operational experience. He also served as Chairman and CEO of Delphi from 2005 until 2006 and as Executive Chairman from 2007 to 2009 when Delphi emerged from Chapter 11 bankruptcy protection.
By Gabriela Florea