Affinia Group Announces Additions to Management; Realignment of Corporate Finance Team
Moves Support Current Growth and Global Expansion Strategy
ANN ARBOR, Mich., Oct. 9 -- Affinia Group Inc., a global leader in the on- and off-highway replacement parts and service industry, has announced that it has added two new members to its corporate finance team. The company has also realigned the duties of some existing corporate finance managers.
"This finance team, under the leadership of our CFO Thomas Madden, will assure that we stay on course to meet and exceed the expectations of our customers and our investors," said Terry R. McCormack, Affinia's President and Chief Executive Officer. "Our comprehensive restructuring program continues to move forward according to plan. As we achieve our immediate goals, we will continue to implement organizational change that will position us for success with our longer-range strategic initiatives."
Affinia Group has appointed David Shears to the position of Director of Internal Audit, and Mark Trinske to the position of Director of Investor, Public and Government Relations.
Shears joins Affinia Group from Metaldyne Corporation, a privately held auto parts manufacturer, where he served as Director of Internal Audit Services. At Affinia, he will be responsible for global internal auditing.
Mark Trinske will be responsible for the flow of financial and strategic information to investors, press and public. Trinske will also provide a liaison to various governmental agencies. He was formerly with ProQuest Company where he held the position of Vice President, Investor Relations.
Under the newly aligned corporate finance structure, Pat Flanagan has been promoted from Corporate Controller to Chief Accounting and Financial Compliance Officer. In this expanded role, Flanagan will be responsible for, among other things, compliance with Sarbanes-Oxley requirements.
Walt Nevolis, formerly Affinia's Director of Audit and Compliance, has been named Director, IT Business Office. Nevolis will be responsible for IT corporate compliance, corporate technology investments, and interface with IT providers. Nevolis will also serve as a financial analyst to our Business Architecture group.
Chuck Mendeljian, Vice President of Customer Financial Services, will join the finance department in the same capacity. Mendeljian's extensive experience in the analysis and management of customer credit will result in closer integration within the finance department.
"These changes greatly strengthen our audit, communications and compliance functions," said Thomas Madden, Affinia Group's Chief Financial Officer. "With these additions and this realignment, our finance organization is well positioned to support our current growth as well as our long-range strategic initiatives."
Affinia Group Inc. is a global leader in the on- and off-highway replacement parts and service industry. In North America the Affinia family of brands includes WIX(R) Filters, Raybestos(R) brand brakes and Aimco(R) brake products, and McQuay-Norris(R) and Spicer(R) Chassis parts. South American and European brands include Nakata(R), Urba(R) and Quinton Hazell(R). Affinia has operations in 19 countries and more than 11,000 people dedicated to keeping the world's wheels turning. For more information, visit http://www.affiniagroup.com/.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "expects," "intends," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon the company's current expectations and various assumptions. The company's expectations and beliefs are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot make any assurances that these expectations and beliefs will be achieved.
There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.
Important factors that could cause the company's actual results to differ materially from the forward-looking statements made in this press release are contained in the company's filings with the Securities and Exchange Commission under the heading "Risk Factors." There may be other factors that may cause actual results to differ materially from the forward-looking statements.
All forward-looking statements attributable to the company or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. The company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.