- Push-out Score determined
- After about six years in the position
- Praise and thanks for Craig
- Chris Villavarayan taking over
- Craig will remain as executive chairman at Meritor
- Craig said 107 words
(exechange) — Troy, Michigan, November 5, 2020 — Jay Craig, chief executive of Meritor, leaves his position. As announced by Meritor Inc. in a news release and in a regulatory filing published on Thursday, November 5, 2020, Jeffrey A. (Jay) Craig leaves his post as chief executive officer of the maker of automobile components for military suppliers, trucks and trailers after about six years in the role, effective February 28, 2021.
Jay Craig’s duties as CEO will be taken over by Chris Villavarayan, currently chief operating officer of Meritor Inc.
“An ideal time to begin a leadership transition”
Jay Craig’s departure from the CEO post is explained as follows. Craig said: “With our M2022 plan well underway, now is an ideal time to begin a leadership transition.”
Craig will remain as executive chairman at Meritor
“Jay Craig, chief executive officer and president, will transition to the role of executive chairman of the Board of Directors on February 28, 2021,” Meritor said.
Meritor said: “On November 5, 2020, Jeffrey A. Craig notified the Board of Directors of Meritor, Inc. (the “Company”) that he intends to step down as the Company’s Chief Executive Officer and President effective February 28, 2021.”
Share price increase since November 2015
The announcement follows an increase in Meritor Inc.’s share price of 112% since November 2015.
In the position of CEO since 2015
Jay Craig became CEO of the Company in 2015.
Craig, a director since April 2015, has served as Chief Executive Officer and President of Meritor since April 2015.
He previously served Meritor as President and Chief Operating Officer from June 2014 to March 2015; Senior Vice President and President, Commercial Truck and Industrial from February 2013 to May 2014; Senior Vice President and Chief Financial Officer from February 2009 to January 2013; Acting Controller from May 2008 to January 2009; Senior Vice President and Controller from May 2007 to April 2008; and Vice President and Controller from May 2006 to April 2007.
Prior to joining Meritor, Craig served as President and Chief Executive Officer of General Motors Acceptance Corp. (“GMAC”) Commercial Finance (commercial lending service) from 2001 to April 2006.
Prior to that, he served as President and Chief Executive Officer of GMAC’s Business Credit division from 1999 to 2001.
He joined GMAC as a general auditor in 1997 from Deloitte & Touche, where he served as an audit partner.
Craig has been a director of Arcosa, Inc. (manufacturer of infrastructure-related products) since September 2018, where he serves as a member of the audit committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Meritor and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2020 ($).