Richard Newsted, chairman of automotive supplier Chassix Holdings Inc. and former CEO of Meridian Automotive Systems Inc., died Nov. 5 in Las Vegas, according to a funeral home obituary. He was 58.
“Richard was a great leader and an outstanding person who was passionate about his work, and the Chassix board of directors and management team are deeply saddened by this loss,” Chassix CEO Mark Allan said in a statement.
Chassix, a Southfield, Mich.-based chassis, brake and powertrain parts supplier, emerged from Chapter 11 bankruptcy in July. Newsted was named to its board soon after.
He also led Meridian, a Dearborn, Mich.-based auto exterior specialist that had been a top supplier of composite body panels and parts before the automotive slowdown pushed it into bankruptcy. In 2009, Magna International Inc. bought the bulk of Meridian's assets and continued much of that production. The exteriors operations remains a core part of Magna.
Allan said Chassix directors will elect a new chairman “in due course.” Newsted, who lived in Liberty Township, Ohio, was a former CEO of Allen Park, Mich.-based Meridian Automotive Systems and had also served on the boards of NIBCO Inc., Dayco LLC and Titan Outdoors Holdings LLC, among other companies.
Newsted graduated with an undergraduate degree in accounting from Ball State University in 1979 and received an MBA from the University of Notre Dame in 1986.
He is survived by his wife, Dawn, and four children, Rachel and Alex Newsted and Boston and Logan Ford.
A visitation will be held at Hodapp Funeral Home in Liberty Township, Ohio, on Nov. 13 between 10 a.m. and noon and will be immediately followed by a “celebration of life” service.