International Automotive Components Group has appointed four key executives as part of a realignment intended to better adapt to market changes and drive growth.
The interior parts supplier's CEO, Manfred Gingl, announced Monday that the leadership team will include a new CFO and general counsel along with creation of chief technology officer and chief supply chain officer positions. All four appointments are effective immediately.
"These organizational changes will add additional expertise and depth to our leadership team that will strengthen the company's ability to adapt to market changes, more rapidly achieve our strategic objectives and capitalize on growth opportunities," Gingl said in the statement.
IAC, headquartered in Luxembourg, employs about 22,000 people in 19 countries, making interior door panels, instrument panels, headliners and consoles. The appointments are:
- David Prystash, 57, as CFO. He will oversee global finance, treasury and accounting activities under Gingl. Prystash most recently was General Motors' vice president and CFO of global product development, purchasing and supply chain. He replaces Dennis Richardville, who is retiring from the company after 16 years.
- Iwona Niec Villaire, 45, as executive vice president, general counsel and corporate secretary. She is responsible for overseeing legal affairs on a global scale for IAC. Villaire had been with Chassix Inc., a global automotive components manufacturer, for 20 years, the last three as chief administrative officer and general counsel, where she played a key role in the development and execution of the company's long-term strategic plan to drive profitable growth. She replaces Janis Acosta, who left the company last year.
- Kelly Bysouth, 49, as chief supply chain officer, with global responsibility for procurement and supply chain activities. She has 25 years of automotive procurement and supply chain experience, most recently as vice president of global procurement and supply chain at automotive seating supplier Adient.
- David Pascoe, 54, as chief technology officer, with oversight of the company's advanced technology portfolio and global product strategy. He had been with automotive supplier Magna International for nearly three decades, most recently as vice president of engineering and r&d.
An IAC Group spokeswoman told Automotive News Wednesday that the creation of Pascoe's position was motivated by the company's focus on products for emerging sectors such as autonomous vehicles and mobility. An example of this effort, she said, is the company's unveiling of its StreetSmart Door this week at CES.
"The door incorporates functional glass surfaces for a digital side camera monitoring system, driver customization settings and can support the full range of driving modes from personal to autonomous to ride-sharing," she said.
IAC Group's owners include WL Ross & Co., Franklin Mutual Advisers and Gamut Capital Management. WL Ross was founded by U.S. Commerce Secretary Wilbur Ross.
To put the company in a more profitable position, Gingl plans to reduce the company's plants from 50 to about 45, he told Automotive News in a story published Monday.
"I'd rather have $4 billion that's healthy than $6 billion that's losing money," he said. "We want the factories to earn money; otherwise, you're not going to be in business."
IAC ranks No. 53 on the Automotive News list of top 100 global suppliers, with worldwide sales from automakers of $4.4 billion in 2017.
Lindsay Chappell contributed to this report.
