Turnaround – Winner
John Howard Weber’s entrepreneurial prowess and ability to make tough decisions are credited with turning around Remy International Inc. — a turnaround that saved 6,500 jobs.
Joining the Pendleton, Ind.-based company as president and CEO in 2006, he put both his reputation and personal capital on the line to save the heavily indebted manufacturer, remanufacturer and distributor of alternators, starters and hybrid motors. Weber became one of the top 10 shareholders in the company and set about implementing an aggressive restructuring. It was so aggressive, in fact, that the company only spent 56 days in bankruptcy-protected restructuring.
Weber replaced all but one member of the executive staff, divested underperforming and unprofitable divisions and operations, renegotiated major supply agreements with automakers, and traded debt-holders’ positions for equity. He also implemented lean manufacturing processes and reorganized global operations to define a clear divide between commercial and operational functions. Addressing the need for cultural change, as well, he’s made efforts reflected in the company’s core values, ISE: integrity, simplicity, execution and endurance.
His decisive action on behalf of Remy quickly turned the company back to a profitable operation with a positive attitude. The company has seen an eightfold increase in EBITDA since Weber took on the leadership role. Dozens of new products have reached the marketplace, with an increased concentration on hybrid and electric motors as well as green manufacturing. But Weber isn’t stopping there. He is continuing to implement change to continue Remy’s upward momentum. He launched a marketing initiative this year called “The Power of One,” to give sales and distribution channels in the aftermarket business segment access to the entire product portfolio.
How to reach: Remy International Inc., www.remyinc.com
