ArvinMeritor, Troy, Mich., has named Carl Soderstrom chief financial officer.

Effective July 21, Soderstrom replaces Tom Madden, who has accepted a position outside of the automotive industry. Before his appointment, Soderstrom served as ArvinMeritor's senior vice president, Engineering, Quality and Procurement.
The move comes as ArvinMeritor celebrates the one-year mark since it was created as the result of a merger between Arvin Industries and Meritor Automotive. Tuesday officials
announced that the year-old company has exceeded its $50-million cost synergy targets despite challenging automotive industry conditions.
"At the year-one mark, our future as a new company looks extremely promising," said Larry Yost, ArvinMeritor chairman and CEO. "To have made these strides despite weakened markets and in light of the fact that most mergers fail, validates our original merger strategy. We have emerged stronger and more financially sound. We are fully positioned to take advantage of growth opportunities in every major automotive sector."