Financier Wilbur Ross Jr. has resigned from the boards of International Automotive Components Group SA and its North American regional operations due to new regulatory restrictions in the European Union limiting the number of directorships a bank officer may hold, according to a news release from IAC.
Ross, who was recently appointed vice chairman of the Bank of Cyprus, created the Luxembourg-based automotive supplier largely from the former interiors division of Lear Corp. and former operations of Collins & Aikman Corp.
Ross has been named chairman emeritus and will continue to be engaged in the company, he said in a statement. IAC also announced the appointment to its boards of Patrick Machir, a principal at WL Ross & Co. LLC. Stephen Toy, senior managing director of WLR and a current director on IAC's boards, has been appointed chairman of the global brand.
“I regret having to resign from the boards of IAC along with several other companies with whom I have worked closely, but I am fully confident that Stephen and Patrick will positively contribute to the company going forward,” Ross said in a statement.
IAC's 2013 estimated sales were $5.2 billion. The company operates 80 manufacturing facilities in 19 countries and employs more than 30,000 people globally.
This story was updated to make a distinction between IAC's global and regional boards.