Ivor J. Evans has informed Meritor Inc. that he intends to step down from his position as executive chairman of the board, effective immediately, as part of a transition to new leadership.
Evans will continue to serve as a director of the company. Current lead independent director for Meritor William R. Newlin has been elected to serve as non-executive chairman of the board.
"My decision to step down reflects the successful planned transition to new leadership. It has been a privilege to serve Meritor as both CEO and Chairman during the last three years," said Evans. "I look forward to supporting the Meritor Board of Directors and am confident in the future of the company."
Newlin is a member of the Compensation and Management Development Committee and the Corporate Governance and Nominating Committee and has been chairman and a director of Newlin Investment Company since 2007. He retired as chairman of the board of Kennametal in 2015. Prior to that, Newlin was the vice president and chief administrative officer of Dick’s Sporting Goods until his retirement in March 2007.
"Ike served as chairman and CEO of Meritor during a transformational period for the company as he successfully led the launch and execution of our M2016 plan, which has fundamentally improved the operations and financial health of the company,” said Jay Craig, CEO and president of Meritor. “We are pleased that we will continue to work with Ike and benefit from his insight and experience as we drive Meritor forward."