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TORONTO, June 13, 2024 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX : MRE), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced that Peter Cirulis has been appointed Chief Financial Officer of the Company effective July 1, 2024. Mr. Cirulis has been Martinrea’s Executive Vice President, Aluminum Group since 2018.
Fred Di Tosto, current President and Chief Financial Officer, will retain his current responsibilities as President going forward.
Pat D’Eramo, Martinrea’s Chief Executive Officer, stated: “This appointment reflects the continued growth of our leadership group at Martinrea, and will allow Fred to focus on his role as President, while still assisting Peter in the transition. I have worked side by side with Peter for many years, including at Dana Incorporated where he was Vice President of Finance and Operational Excellence for the Commercial Vehicle Group. He is a seasoned financial executive with multiple years of experience in the automotive parts business. At Martinrea, Peter has held many operational and strategic roles with increasing responsibility. He will remain as the Lead of the Commercial Lightweight Structures group, a position he has held now for several years. I look forward to working closely with Rob, Fred, Peter and the other members of the leadership team as we continue to build on our success at Martinrea.”
Rob Wildeboer, Martinrea’s co-founder and Executive Chairman, stated: “Our executive team continues to develop and become more seasoned. Peter has contributed to our growth and success over the past several years. He is a core member of our senior executive team, with a strong commitment to our culture, and vision of making lives better. Pat, Fred and Peter have already proven to be a great team. All of us will continue to work for our shareholders and other stakeholders, and look forward to continued personal contact and dialogue with them in future. We believe it is a sign of strength of our company that our leaders can continue to broaden their expertise by taking on new roles.”
Fred Di Tosto, Martinrea’s President, stated: “It is an honour to have served as CFO of Martinrea since 2011, as it continues to be an honour to serve as President now. Peter and I work very well together, and I am confident this move is good for our company and business. Our financial position today is as strong as it has ever been—we are enjoying record sales and cash flow, our balance sheet is in great shape, and we are making good returns on our investments, all while maintaining a strong balance sheet. We will strive to continue to improve in all these areas.”