Leuliette stepping down as CEO of Dura Automotive

* Leuliette steps down after 8 months as managing director

* Patriarch Partners names Chambers as managing director

* Dura CFO Stafeil promoted to top spot at parts maker

DETROIT, Oct 14 (BestGrowthStock) – Tim Leuliette will step down as
managing director of private equity firm Patriarch Partners’
automotive businesses and as Dura Automotive CEO, Patriarch
said on Thursday.

Patriarch said Leuliette would step down “following a
successful operational and balance sheet restructuring.”

Patriarch announced plans to acquire a majority stake in
privately held Dura in December for $125 million. In February,
it said Leuliette would serve as managing partner for its
automotive business as well as serving as Dura CEO.

Leuliette, who could not be reached immediately for
comment, is known for his often-blunt assessments of the U.S.
auto sector and its need for change.

He has held senior management positions that include CEO of
ITT Automotive and president and chief operating officer of
Penske Corp in more than 35 years in manufacturing.

He served as chairman of the Detroit branch of the Federal
Reserve Bank of Chicago for six years.

Patriarch named Global Automotive CEO Tom Chambers as
managing director of Patriarch’s automotive group, and promoted
Dura Chief Financial Officer and Executive Vice President Jeff
Stafeil to chief executive of Dura.

Chambers was a chief operating officer and president at
Metaldyne Corp before joining Dura.

Chambers worked 30 years at General Motors [GM.UL]in a
number of roles before leaving in 1992 to work in senior
executive positions in the supplier industry.

Dura produces gear shifters, seat adjusters, parking
brakes, electronic throttle controls, door and structural
components and other car parts. Global Automotive including
stamping, roll-forming and bending auto parts operations.
(Reporting by David Bailey; Editing by Ted Kerr)

Leuliette stepping down as CEO of Dura Automotive