Collins & Aikman Corporation Names Rajesh K. Shah
26 July 1999
Collins & Aikman Corporation Names Rajesh K. Shah Executive Vice President and Chief Financial OfficerDETROIT, July 26 -- Collins & Aikman Corporation announced today that Rajesh K. Shah has been named executive vice president and chief financial officer. Shah will replace J. Michael Stepp who will assume other management duties within the Company. The announcement was made by Thomas E. Evans, chairman and chief executive officer of Collins & Aikman Corporation. Shah joins Collins & Aikman from UT Automotive, Inc. where he was vice president and chief financial officer. Evans explained that Shah "is extremely well-qualified to serve as the corporation's top financial officer. At UTA he was instrumental in successfully transforming the company's separate component businesses into an integrated operating system. He is very familiar with our customer base and experienced in working with issues that arise in organizationally realigning a major automotive company." Collins & Aikman announced it's intent to restructure the Company in February 1999. "The addition of Shah to our operational team is very timely. His experience in business turnarounds and company restructuring fit Collins & Aikman's initiatives perfectly," said Evans. Prior to UTA, Shah held various top financial positions with Varity Corporation including chief operating officer of the Dayton Walter Division and chief financial officer of the Kelsey Hayes Group. "Shah brings nearly 20 years of experience within the automotive industry to our organization," Evans explained. "He's an outstanding choice to become our new CFO and continue to build on the solid foundation put in place by Mike Stepp." Stepp, who guided the Company's major acquisition programs over the past four years, has been named Executive Vice President Corporate Planning and Development. Collins & Aikman Corporation is a global supplier of automotive interior systems, including textile and plastic products, acoustics and convertible top systems. The Company employs more than 15,000 employees and operates 65 facilities in 12 countries, including 13 state of the art advanced automotive design, development and testing centers, as well as several manufacturing centers of excellence for automotive trim products. Collins & Aikman combines superior manufacturing capabilities, product quality, delivery and service with industry leading design and styling capabilities and the most effective NVH "quiet" technologies.