TI Fluid Systems plc has promoted longtime executive Hans Dieltjens to be its next CEO, heading up a reshuffled leadership team at the automotive supplier.
Dieltjens takes on the role of president and CEO effective Oct. 1, according to a company news release. He replaces William Kozyra, who plans to retire and step down from the board of directors. Dieltjens is based in Auburn Hills, Mich., where the British company has its North American headquarters.
Dieltjens has worked for the supplier since 1996 and was promoted from executive vice president of global fuel tank and delivery systems to chief operating officer and president at the beginning of the year to ready him for the helm.
TI blow molds fuel tanks and produces hoses and other systems for the auto industry. It was No. 17 in Plastics News' most recent ranking of blow molders in North America with an estimated $275 million in sales in the region. It reported global sales for 2020 of $3.3 billion.
Taking over as COO is industry veteran Mark Sullivan, who joined the company earlier this year from Plastic Omnium Group, a competitor of TI's in blow molded tanks. Additionally, the company hired chief commercial officer Stephanie Jett, who has 20 years of industry experience and worked most recently as global senior vice president of sales for Autoliv. Each will be based in Auburn Hills.
At the start of the month, the company also hired Chief Technology Officer Johannes Helmich, who has more than 25 years of experience working for Tier 1 suppliers. Helmich will be based in Germany.
TI is aiming to recover from big financial losses due to the COVID-19 pandemic. The company's $3.3 billion in 2020 sales was down from $4 billion the year prior, according to financial reports. It lost nearly $300 million in 2020, compared with a profit of $170.3 million the year before.
"These important additions to our executive team will further strengthen the company's ability to execute our electric vehicle strategy, while also enabling us to deliver on our near-term objectives," Manfred Wennemer, board chair, said in the release. "On behalf of the board of directors, I wish Bill Kozyra the very best for his retirement and thank him for his more than 13 years of exemplary service to the company."
TI Fluid Systems stock plummeted to around $140 per share in March 2020 when the pandemic shut down much of the sector but has since recovered to $267.50 per share as of Sept. 22.