NOVI, Mich. (March 30, 2009)-Cooper-Standard Automotive Inc. has reorganized its operating and reporting structures by discontinuing its global Body & Chassis and Fluid Systems divisions and establishing new units based on geographic regions.
The reorganization will result in a reduction in the company's worldwide salaried work force of about 20 percent, or about 650 people.
Effective immediately, the Novi-based company will operate from two divisions: North America and International, which covers Europe, South America and Asia. The move allows Cooper-Standard to maintain its full portfolio of global products and provide unified customer contact points, while better managing its operating costs and resources in severe industry conditions.
Two current Cooper-Standard executives, Edward A. Hasler and Keith D. Stephenson, will lead the new divisions. Hasler, the company's CEO and president, will now serve as president of the North America division, while Stephenson, former president of the Body & Chassis division, becomes president of the International division.
Hasler also has been named vice chairman of parent company Cooper-Standard Holdings Inc. and Cooper-Standard Automotive, joining the boards of directors of both companies effective immediately. Former CEO James S. McElya will resume that role, in addition to continuing to serve as executive chairman.