Known as a financial wizard who has played a critical role in a number of critical automotive turnarounds, including the rescue of Chrysler in 1981 and the more recent bankruptcy of parts giant Delphi, Robert S. “Steve” Miller is getting back into the automobile business.
The 73-year-old Miller will be joining International Automotive Components later this month as President, CEO and director of the $6 billion parts company. He succeeds James Kamsickas, who resigned to take the job of president and chief executive officer of Dana Holding Corp.
Miller’s career in the automobile industry stretches back to the late 1960s when he first joined the Ford Motor Co. He was one of handful of executives who followed Lee Iacocca to Chrysler and became instrumental in what has since gone down into the history books as Chrysler’s first turnaround. There have since been two more.
After spending 13 years at Chrysler, Miller went on to become a turnaround expert, specializing in saving distressed companies.
“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,” said Wilbur L. Ross, Jr., chairman, WL Ross & Co., IAC’s major shareholder and himself a legendary investor in distressed companies.
“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.”
(Delphi shows off automated driving system with cross-country trek. For more, Click Here.)
Miller, who is widely recognized for his broad operational experience, brings years of automotive supplier and OEM experience to IAC, previously serving as a board member of Federal-Mogul Corp. from 1993 to 2005 and also as interim CEO during a portion of that period.
He served as Chairman and CEO of Bethlehem Steel Corp. from 2001 to 2003 and as Chairman and CEO of the aforementioned Delphi from 2005 until 2006. He was later the Executive Chairman from January 2007 until Delphi’s Chapter 11 emergence in 2009.
(Click Here for details for the latest update on the GM victim’s compensation fund.)
“I have spent more than 40 years running companies in a variety of industries across different market cycles,” said Miller. “I am looking forward to returning to the automotive industry and working with the IAC team, as we share the belief that a focused strategy and the correct operating resources can create significant value for shareholders. As President and CEO, I plan to share my experiences to help maximize IAC’s brand, its commitment to customers and its strong and talented workforce.”
A graduate of Stanford University, Miller received his J.D. from Harvard Law School and his MBA from Stanford University Graduate School of Business.
(To see why GM and the UAW are “in it together,” Click Here.)
IAC Group is a major supplier of automotive components and systems, including interior and exterior trim. It now operates 82 manufacturing facilities in 19 countries. IAC employs approximately 32,000 people around the world and is headquartered in Luxembourg.