Van Nuys, Calif.-based Superior Industries (NYSE:SUP) is losing its CEO.
Monday, the automobile wheel manufacturer announced that Chairman and Chief Executive Officer Steven J. Borick intends to retire from the company on March 31. Afterward, he will remain Chairman of Superior, a post he's held since 2007. He has been CEO since 2005.
In the press release, Borick, 61, cited "a number of factors, primarily a desire to have more time for personal interests, including philanthropic activities" as explanation for his plans to retire. As of this writing, Superior shares are down only a small fraction of a percent, and in line with broader market declines.
Superior says it has already initiated a search for Borick's successor.