Exide Technologies announced Thursday its board of directors has appointed Timothy D. Vargo, a current member of Exide’s board, to serve as president and chief executive officer.
Vargo succeeds Vic Koelsch, who is stepping down as president and CEO. Koelsch will remain an advisor to the CEO through Dec. 31, 2018. Vargo will remain a member of the Exide Technologies board of directors.
“Vic made significant contributions to the company, ensuring a successful return in the transportation aftermarket, positioning the company to grow its OEM partnerships and introducing new products and services for its global motive and network power customers,” says Keith Wandell, chairman of the board for Exide Technologies. “Vic and the Board agree that now is the right time for a new leader with a fresh operational perspective to drive value in the next phase of Exide’s growth. Tim brings the right leadership skills and operational experience to step in and immediately accelerate our transformation.”
“While our market position is increasing and our business continues to achieve new performance levels, I see the opportunity to enhance our growth while driving value for our customers and our stakeholders” says Vargo. “I look forward to working with our 10,000 dedicated employees across the globe who are integral to our company’s success.”
Vargo brings more than 40 years of leadership and managerial experience in automotive supply chain and process improvement, Exide Technologies says. He served as the president and chief operating officer of AutoZone where he was instrumental in formulating and executing the growth strategy that took the company from 1,000 stores to 3,250 stores and sales from $1.5 billion to over $5 billion. He has held a variety of senior executive and director positions at Auto Teile-Unger, TruckPro and Kele, Inc. Vargo also is a member of the board of directors for Motorcar Parts of America, Inc.
