Tier One Auto Supplier Microheat Restructures Management Team

first_imgFARMINGTON HILLS, MI — Microheat, a Tier One automotive supplier and manufacturer of HotShot, a windshield snow and ice removal product set to debut on a wide range of 2006 vehicles, has restructured its management team. AdvertisementClick Here to Read MoreAdvertisement Solomon Franco, who founded the firm in 1998, stepped down as CEO and president on January 1. Peter Neustadter, one of the initial investors in Microheat, will serve as interim CEO and board chairman until the company recruits a permanent CEO. Neustadter said he expects the new CEO will be in place by April. Neustadter, Aryeh Rubin and Matthew Maryles, acting as consultants, will assist in reorganizing the company’s operations. Neustadter is a veteran of the OEM market and former president of a Tier One automotive supplier; Rubin is an entrepreneur who has started and sold several successful companies; and Maryles is a former executive at a major Wall Street investment banking house. The three were initial investors in Microheat. Acting with a fourth investor, they have made an additional equity investment into the company. General Motors has issued a contract for HotShot to be shipped in the first quarter of 2005 and other automobile manufacturers have issued RFQ’s for the innovative product. Current contracts are worth more than $170 million, and the company estimates it will have more than $500 to $700 million in back orders by next year. More than 20 global auto manufacturers are testing HotShot, and the product will soon be available in selected aftermarket venues, said Neustadter. Additional investments will be used to expand into European and Far Eastern markets, he added. Advertisement Neustadter said the company is also seeking new board members with automobile industry or related business experience. To accommodate this change, four of Microheat’s seven board members have stepped down. The consultants will appoint three of their successors with the fourth member to be chosen by the full board. Franco, who resigned for personal reasons, will continue to serve as a consultant to the management of Microheat with an emphasis upon R&D and new product development. Microheat has manufacturing plants in the U.S., Israel and the Russian Federation. For more information, go to: www.microheat.com. _______________________________________ Click here to view the rest of today’s headlines.last_img read more

Sutton Coldfield’s shabby retail mix belies the area’s affluence

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

Fleet Advantage Promotes Matt Hendrix To Senior Director Fleet Services

first_imgFleet Advantage, a provider of truck fleet business analytics, equipment financing and lifecycle cost management, has promoted Matt Hendrix to the role of senior director fleet services. It also was announced that Hendrix has been appointed to serve as the company’s representative on the National Private Truck Council (NPTC) board of governors.AdvertisementClick Here to Read MoreAdvertisementHendrix joined Fleet Advantage in 2014 and he has been an instrumental member of the Fleet Services team with a special focus on assisting clients with maintenance and warranty programs. The company says he also has been an integral part of its cross-functional team, with critical client insight and perspective that has contributed to the development of Fleet Advantage’s award-winning ATLAAS software. Hendrix will serve as a liaison between fleet services and business development teams, which the company says will foster innovative client-facing programs for pre-sale and post-sale programs throughout the lease origination process.Hendrix also will serve as Fleet Advantage’s representative on the board of governors for the NPTC, the only trade association in the U.S. devoted exclusively to the interests of the private corporate trucking fleet industry and its professional practitioners. Fleet Advantage says Hendrix’s participation on the NPTC Board will ensure the company and its client partners have a critical voice pertaining to important matters that continue to shape the greater transportation industry.“Our clients and partners continue to look to Fleet Advantage for a value-added consultative method that enhances value, lowers operational costs and produces a competitive advantage, and Matt’s expertise greatly improves our ability here,” said Brian Holland, president and chief financial officer of Fleet Advantage. “Additionally, Matt’s role in serving on the NPTC board demonstrates to our clients and industry partners our continued dedication and commitment to Fleet Advantage taking a leadership position in the advancement and advocacy of issues pertaining to private fleet and transportation organizations.”last_img read more

New joint venture for Ellenbarrie

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Xergi lands large biogas order in France

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Calvera provides trailer trucks for BIG HIT

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Damage caused by fire sprinklers ‘a nightmare’

first_imgFire sprinklers at the Joseph Stone Auditorium caused extensive damage to the building, and it will take some time for it to be fixed. The Joseph Stone Auditorium’s fire sprinklers – set off by a small fire on Sunday September 8 – have caused extensive damage and the repairs could take “a long time” to complete.Shafiek Rajap, director of the Eoan Group School of Performing Arts, said someone had phoned him while he had been on his way to work on Monday September 9 to inform him of the flooding. The Eoan Group owns the Joseph Stone Auditorium, on the corner of Protea Street and Klipfontein Road.The water had damaged most of their costumes and the studio floors. The stage would need to be lifted, as it was flooded underneath. Water had also seeped through the concrete, Mr Rajap said.“The amount of damage caused is just a nightmare. We suspect it happened on Sunday afternoon (September 8). There is a church who use our premises, and it was locked up by Sunday afternoon. A hole burnt in the back door, and this set off the sprinklers. The sprinklers were then running until Monday morning, and all those hours the sprinklers were on led to the flooding. The water caused a lot of damage,” Mr Rajap said.The Joseph Stone has building insurance, but Mr Rajap is worried it could take a while before repairs are done.“We have already had to postpone four shows. The church also sent me a message to ask if their church services can continue. We have to lift the whole stage. Our woodwork and electric cables have also been damaged. At the moment, we are between a rock and a hard place. “It worries me that we have already had to cancel some shows. We are also now forced to have dance classes in the foyer. It is going to take a long time to fix,” Mr Rajap said.He refused to speculate about the cause of the fire. The fire department did not respond to the fire, because by the time staff became aware of it, the sprinklers had already contained the fire, Mr Rajap said. Police are investigating.If you can assist, contact the Eoan Group at 021 637 1268.last_img read more

A vision of future GCs

first_imgGeneral counsel will be valued in future for their judgement and integrity, rather than legal expertise, according to research by a specialist recruiter.BarkerGilmore’s report The Rise of the GC: from legal adviser to strategic adviser quotes one GC as saying that ‘the true expertise the general counsel brings is thoughtful analysis and unimpeachable ethics.’Directors also predict a shift in the additional corporate ‘hats’ GCs are expected to wear, including chief compliance officer, ‘chief risk officer’ and ‘chief government relations officer’.last_img

Insurers march on the Treasury to demand discount rate rethink

first_imgPhilip HammondSource: ANDY RAIN/EPA/REX/ShutterstockInsurance companies took a hit in the aftermath of the lord chancellor’s decision to recalculate the rate at which personal injury settlements are discounted, with share prices falling amid profit warnings.Direct Line shares dipped 7.16%, closing last night at 338.5p.The group had estimated that the government’s decision to cut the rate from 2.5% to minus 0.75% for personal injury compensation would reduce profit before tax for 2016 by between £215m and £230m after reinsurance recoveries.The firm had previously disclosed in its 2015 annual report that its claims liabilities at that time were calculated using a discount rate of 1.5%.Admiral, meanwhile, saw its shares fall 2.46% and postponed the announcement of its 2016 results – due this week – by a further seven days.The company said the majority of the financial impact in respect of premiums earned during 2016 and prior years will be reflected as a one-off charge against 2016 second-half profits.The total net financial impact of all claims settling at the new rate is estimated at between £140m to £175m. The estimated net financial impact on 2016 reported profit is £70m to £100m.Insurers’ anger at the decision, which lord chancellor Liz Truss described as the ‘only legally acceptable’ option available to her, was summed up by its representative body, the Association of British Insurers (ABI).Evans said the government had shown an ‘utter disregard’ for the impact the change would have on consumers, businesses and the wider operation of the insurance market.‘Claims costs will soar, making it inevitable that there will be an increase in motor and liability premiums for millions of drivers and businesses across the UK,’ he said.Andrew Tyrie MP, chair of the influential treasury committee of the House of Commons, agreed other ways of calculating the discount rate need to be examined, including one that reflects the long-term equilibrium risk-free yield.‘The government is now consulting on how the discount rate should be set for the future,’ he said. ‘This is not before time. If changes to primary legislation are appropriate, controversial though they may be, the government should consider them.’The insurance lobby’s argument was covered favourably by the media. The BBC had the story at the top of its news page for much of Monday, with the headline ‘Car insurance “set to soar” after ruling’.The Guardian led with the NHS facing a £1bn annual bill after a ‘reckless’ change to injury payouts, with the Times taking the same angle. The Telegraph headline quoted the ABI saying the decision was ‘crazy’, while the Evening Standard said an insurance payouts shake-up would ‘land NHS with £1bn bill and hit drivers’. Bosses of 15 of the UK’s biggest motor and commercial liability insurers today met chancellor Philip Hammond to ask him to intervene in the discount rate decision.Justice secretary Liz Truss this week opted to change the rate at which compensation payments are reduced, a move which prompted immediate warnings of costs to public bodies like the NHS and to insured drivers.The Association of British Insurers has revealed it will lobby Hammond for a law change on the calculation of the discount rate to be included in the Prison and Courts Bill, which was laid before parliament last week. The rate is set to change from 20 March but insurers say reform ‘cannot wait until Easter’.ABI director Huw Evans said: ‘The chancellor will today hear just how concerned insurers are about the way this change will hit their customers. It makes no sense to do something that will inevitably pile costs onto motorists, businesses and taxpayers at such a difficult time based on a broken formula.’It is not too late for the government to deliver a fairer deal for consumers and claimants and it should commit to urgent reform of the law before this crazy decision becomes a reality.’last_img read more

Antiguan police to stand trial for rape

first_imgNewsRegional Antiguan police to stand trial for rape by: – April 12, 2013 Share 26 Views   no discussions Share Tweetcenter_img John Fuller, 24, of the Royal Police Force of Antigua & Barbuda was committed on Thursday, April 11th to stand trial for rape.According to the Antigua Observer’s report, a number of items, including the officer’s statement and interview, copies of Facebook conversations and text conversations with the victim, expected to be used as exhibits during the trial were tendered by the police.The constable is accused of having a relationship with a 22-year-old female, which ended, but they maintained communication with each other.On August 11 last year, it is alleged the officer and the young woman were having a conversation, when it began to rain and he reportedly invited her into his vehicle. Further reports indicate that they then drove to a secluded location and that is when the rape allegedly occurred.Fuller, who has also been charged with battery, is scheduled to return to court on July 29th for that matter.Dominica Vibes News Share Sharing is caring!last_img read more