Charles J. Speranzella, Jr. Elected to BREED Board
22 June 1998
Charles J. Speranzella, Jr. Elected President & Chief Operating Officer of BREED
LAKELAND, Fla.--June 19, 1998--BREED Technologies, Inc. , a global leader in automotive occupant safety systems, announced today that the Board of Directors has elected Charles J. Speranzella, Jr. to President and Chief Operating Officer of the company, succeeding Fred Musone.Since joining BREED in 1994, Speranzella has been a key member of the company's core leadership team. Prior to his most recent role as Vice-Chairman of the Corporation, Speranzella served in the positions of Executive Vice President - Worldwide Operations, Executive Vice President - International Operations, Executive Vice President & General Counsel and was elected to BREED's Board of Directors in September of 1997. He developed the company's aggressive growth strategy that took it from a single-product, North American supplier to its position today as a global leader in fully integrated occupant safety systems. Speranzella was personally responsible for identifying and successfully completing BREED's round of global acquisitions that significantly strengthened the company's competitive position.
"Chuck Speranzella's election to the position of President significantly strengthens BREED's leadership team. With this decision, the Board of Directors has expressed confidence in Chuck and his vision for the company. His strategic leadership, combined with the talents of Robert Rapone, Executive Vice President - Worldwide Operations; Frank Gnisci, Chief Financial Officer; and Craig White, Engineering Vice President & Chief Technical Officer, provide synergy and depth to take the company forward. I have every confidence in this team," commented Chairman and Chief Executive Officer Johnnie Cordell Breed. "Our customers have responded with support for the restructuring program and the direction of BREED. We have recently been awarded significant new business allocations and continue to see positive effects of our consolidation process. I would personally like to thank Fred Musone for his contributions to the growth of BREED."
In September of 1997, Fred Musone was tasked with formulating an aggressive global restructuring plan. Over the past months, the restructuring process has progressed continuously at a much faster rate than originally anticipated. Since joining the company last year, Executive Vice President - Worldwide Operations Robert M. Rapone has taken the lead role in implementing BREED's global restructuring program. Rapone is well known throughout the industry for his ability to implement lean manufacturing techniques and processes. He has been consistently recognized for driving quality, delivery and productivity improvements.
"Being able to turn the company's manufacturing operations over to Robert Rapone fulfills something the two of us have wanted to do for years," said Fred Musone earlier today. "Now I'm going to return to my family, get settled in New England and start the phase of my life that I haven't been able to live in 32 years." Musone will continue to serve in an advisory capacity to BREED.
Headquartered in Lakeland, Fla., BREED is one of the world's most fully integrated suppliers of complete automotive occupant safety systems. The company supports its growing list of automotive customers with advanced engineering, testing and manufacturing facilities located in 13 countries around the globe. Information about BREED and its products is available on the Internet at http://www.breedtech.com.