SRI News & Events

Stoneridge CFO and Treasurer, Matt Horvath has resigned, effective March 31, to pursue an opportunity in a different industry sector. Horvath will continue to serve in his role through that date to support a smooth and orderly transition. Stoneridge's executive team and Board of Directors have initiated a comprehensive search to identify a CFO. Until a permanent replacement is appointed, Robert Hartman, Chief Accounting Officer, will work closely with him over the next two months to ensure a smooth transition. Robert has a cumulative 27 years with Stoneridge, holding various leadership roles within the company, including in accounting, financial planning and analysis, and internal audit.

Stoneridge announced that it has completed the sale of its Control Devices segment to an affiliate of Center Rock Capital Partners, a private investment firm specializing in driving long-term value creation for middle-market industrial businesses. The transaction was closed, effective as of January 30, concurrent with the signing of the definitive agreement to sell the Control Devices segment. The sale was completed with a base purchase price of $59M. Stoneridge will use the net cash proceeds, after tax and transaction-related expenses, to repay its debt and strengthen its balance sheet.