Meritor Names Bowes Trucking Chief; Tightens 3Q Earnings, Revenue Forecast
Trucking components maker Meritor Inc. Thursday named Tim Bowes head of its commercial truck unit and said that Carsten Reinhardt, formerly its chief operating officer, has left the company.
Meritor, formerly known as ArvinMeritor Inc., also tightened its fiscal third-quarter earnings forecast within its previously announced range and slightly lowered its revenue outlook.
Third-quarter revenue will be $1.28 billion to $1.29 billion, with adjusted earnings before interest, taxes, depreciation and amortization in the range of $100 million to $104 million, the company projected. The quarter ended June 30 and Meritor will report earnings on Aug. 2.
Bowes, previously responsible for the company’s industrial segment, recently returned to the United States after spending three years in China and will report directly to Meritor Chairman and CEO Chip McClure.
Bowes will assume responsibility for drivetrain systems and components, including axles, drivelines, braking and suspension systems, primarily for medium and heavy duty trucks in North America, South America and Europe.
Reinhardt left the company to pursue other opportunities, Meritor said, adding that it does not plan to replace the COO position.
Reinhardt had been named COO in late 2009, where he was given responsibility of overseeing the commercial truck, industrial, and aftermarket and trailer business segments.
Pedro Ferro was named president of the industrial segment and will also report directly to McClure, while Joe Mejaly will continue to manage the aftermarket and trailer business segment, Meritor said.
