Billionaire Wilbur Ross’s International Automotive Components Group named Steve Miller chief executive officer, hiring an industry veteran who oversaw Delphi Corp.’s bankruptcy and helped Chrysler Corp. return to profit.
Miller, 73, will begin the job Aug. 7, the Luxembourg-based parts supplier said in a statement Monday. He replaces Jim Kamsickas, 48, who will become CEO of Dana Holding Corp., another auto-parts maker.
“Steve’s corporate roles often have drawn upon his turnaround experience, but that is not the case here,” Ross said in the statement. “Our interest is in his automotive experience and relationships.”
Miller, whose autobiography “The Turnaround Kid” was published in 2008, began his career in 1968 at Ford Motor Co., then moved to Chrysler, where he was part of the team that revived the automaker in the 1980s after taking government loan guarantees. He has also been CEO at Waste Management Inc., Federal-Mogul Corp. and Bethlehem Steel Corp.
“I have spent more than 40 years running companies in a variety of industries across different market cycles,” Miller said in the statement. “I am looking forward to returning to the automotive industry and working with the IAC team.”
International Automotive Components shelved an initial public offering in late 2013. The closely held company said in a June 2013 filing that it was seeking as much as $115 million, a placeholder amount used to determine registration fees.
The company previously shelved an IPO in 2011 amid market turmoil in the U.S. and Europe, two people familiar with the matter said at the time.
Ross, who built his fortune buying bankrupt steel, coal and textile companies, assembled IAC through takeovers starting in 2006. The company, which makes instrument displays, door panels and headliners, had a net loss of $38 million on sales of $4.71 billion in 2012, according to a 2013 U.S regulatory filing.
Kamsickas succeeds Roger Wood at Dana and starts in the new job on Aug. 11, the Maumee, Ohio-based company said in a statement. Kamsickas had been IAC’s chief since 2012.