Meritor Names New CEO

After conducting what acting board director David Devonshire described as "an extensive search process that resulted in an impressive slate of internal and external candidates," Meritor (NYSE: MTOR  ) has decided to remove the "interim" title of current acting Chairman, President, and CEO Ivor Evans, the company announced today.

Evans has led the supplier of commercial vehicle and industrial parts in an interim role since May 3, after serving on Meritor's board of directors since 2005. Commenting on the decision to retain Evans, Devonshire added in a statement that "The Board is confident that Ike's wealth of relevant operational, manufacturing and management experience, combined with the strength and continuity of the current management team, is the right formula to lead Meritor into the future."

Prior to joining Meritor's board, Evans was president and COO of Union Pacific Railroad from 1998 until his promotion to chairman of Union Pacific in 2004. Evans retired from Union Pacific the following year. Evans' resume also includes more than 20 years in operational roles with General Motors.

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