BORICK TO LEAD WHEEL FIRM SUPERIOR CEO SUCCEEDS FATHER.Byline: Evan Pondel Staff Writer Superior Industries International on Tuesday Tuesday: see week. named Steven J. Borick chief executive officer of the wheel manufacturer effective Jan. 1. Borick, 52, succeeds his father, Louis Borick, who will remain chairman of the board. Analysts said the move is a natural progression for Steven Borick as he has served as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Van Nuys-based company since 2003. He was executive vice president from 2000 to 2002, and has been a director for more than two decades. ``He is the right choice and has really been running the show for a while,'' said Doug Christopher, analyst with Crowell Weedon in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . Superior also announced Tuesday it would distribute a regular quarterly cash dividend in the amount of $0.155 per share payable Jan. 21. The dividend is available to shareholders who own Superior stock beginning Jan. 7. Shares of Superior declined 8 cents to close at $26.59 Tuesday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The company's performance has been sluggish as of late, with a decline in car sales affecting Superior's bottom line, Christopher said. In the company's most recent quarter, net income was $5.48 million, or 20 cents a share, compared with $10.7 million, or 40 cents a share, reported a year ago. The third quarter results also include an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from Superior's aluminum suspension components business of $2.5 million compared with $2.15 million. ``This is the nature of the market right now. It's just a difficult time for car companies,'' Christopher said. Despite the trouble at the company of about 7,500 employees, Superior executives are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about its new leadership. In addition to his roles at Superior, Borick is an active member of the Independent Petroleum Association of America and the American Petroleum Institute The American Petroleum Institute, commonly referred to as API, is the main U.S. trade association for the oil and natural gas industry, representing about 400 corporations involved in production, refinement, distribution, and many other aspects of the industry. . ``We are very excited about Steven's appointment. We needed a succession plan and this was the right choice,'' said R. Jeffrey Ornstein, Superior Industry's chief financial officer. Evan Pondel, (818) 713-3662 evan.pondel(at)dailynews.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion