Meritor Inc.’s Board of Directors says its chairman, chief executive and president, Chip McClure, is leaving the company and Ivor J. Evans will serve as new chairman and interim CEO.
Evans was formerly president and chief operating officer of Union Pacific Railroad from 1998 to 2004 and Union Pacific Corp.’s vice chairman from January 2004 until he retired in March 2005. He also spent 21 years serving in key operations roles for General Motors Corporation.
Meritor did not disclose a reason for McClure’s departure.
In its earnings call Tuesday, the company reported a dip in quarterly sales and revenue.
From 1989 to 1998, he served in executive positions at Emerson Electric Co., and also spent 21 years with General Motors Co.
“Ike Evans has extensive operational and manufacturing experience,” David Devonshire, presiding director of Meritor’s board, said in a statement.
The company says it has already begun its search for its next CEO and president, which will include internal and external candidates.