TORONTO, Jan. 08, 2024 (GLOBE NEWSWIRE) — Martinrea International Inc. (TSX : MRE), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced that Fred Di Tosto has been appointed President of the Company. Mr. Di Tosto has been Martinrea’s Chief Financial Officer since 2011 and has previously held the role of EVP of its Flexible Manufacturing Group. He will assume more executive leadership of Martinrea’s operating groups, reporting to CEO Pat D’Eramo, who continues as CEO and as a member of the Company’s board of directors.
In his new position, Mr. Di Tosto will retain his current responsibilities as CFO.
“This appointment reflects the continued growth of our leadership group at Martinrea,” said Pat D’Eramo. “I have worked side by side with Fred since I came here as President and CEO almost ten years ago. We have visited every plant together, have worked on every strategy together and faced challenges together. Over that time, Martinrea has grown its footprint, revenues, profits, profitability, cash flow and enterprise value. The past year, although with challenges, was a record one for us in many ways. As CEO, I look forward to working together with Fred, Rob and the people of Martinrea for a long time to come, and I look forward to our continued and growing success.”
Rob Wildeboer, Martinrea’s co-founder and Executive Chairman, stated: “I have worked with Fred for almost two decades now, and he has been one of the key reasons for our growth and success. He has a passion for our business. He is a core member of the leadership team, and he knows and practices our vision of making people’s lives better by being the best we can be in all the products we make and the services we provide. Pat and Fred are a great team, and together we will drive the success and culture of Martinrea, along with our fine group of executives, managers and other members of the Martinrea family.”
Fred Di Tosto stated: “Martinrea is a great company with a great future. I believed that the day I joined and I believe that today. We have grown into an industry leader in many areas and are performing at the top of our peer group, from both operational and financial perspectives. We have proven our capabilities time and time again over the years and are a go to supplier for our customers. I believe that is in large part because of the Golden Rule culture we promote here at Martinrea—we take care of our people and we treat them with respect. I am extremely grateful for this opportunity and look forward to continuing to work with our great team here and to deliver value for our employees, shareholders and other stakeholders.”
Mr. Di Tosto, 48, has been an officer of Martinrea since 2010, and CFO since 2011. He has held other roles at Martinrea in addition to CFO, including EVP, Flexible Manufacturing Group, and most recently as EVP, Corporate Strategy. Prior to joining Martinrea, Mr. Di Tosto was with KPMG LLP where he served various multinational companies, including Martinrea. Mr. Di Tosto has a Bachelor’s Degree in Mathematics for Commerce from York University and is a Chartered Accountant by designation. He is the past Chairman of the Auto Parts Manufacturers Association, currently still serving as a member of its Board of Directors, and has been involved in many industry initiatives.
ABOUT MARTINREA INTERNATIONAL INC.
Martinrea is a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems. Martinrea operates in 59 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea’s vision is making lives better by being the best supplier we can be in the products we make and the services we provide. For more information on Martinrea, please visit www.martinrea.com. Follow Martinrea on LinkedIn, X and Facebook.
For further information, please contact:
Rob Wildeboer, Executive Chairman
Tel: 416.749.0314
Investor Relations Contact:
Neil Forster, Director, Investor Relations and Corporate Development
E-mail: neil.forster@martinrea.com
Tel: 289.982.3020
Mobile: 647.210.2385
Media Contact:
Deanna Lorincz, Global Director, Communications and Marketing
E-mail: deanna.lorincz@martinrea.com
Tel: 248.392.9727
Mobile: 586.634.1766
