Nexteer President Michael P. Richardson Announces Retirement

AUBURN HILLS,Mich.,Jan. 2,2020 --After 45 years of service,Nexteer's President and Executive Board Director Michael P. Richardson announces his retirement today. Senior Vice President and Global Chief Operating Officer,Tao Liu,and Nexteer's senior leadership team will assume Richardson's duties going forward.

"Mike has served Nexteer in many roles over 45 years and we especially appreciate his leadership in recent years as Nexteer diversified its customer base and expanded its global presence. While we will greatly miss Mike and his inspiring leadership,we wish him the happiest of retirements," said Guibin Zhao,Nexteer's Chief Executive Officer,Executive Board Director and Vice Chairman. "We have a talented and experienced senior leadership team committed to executing our proven strategy for profitable growth and driving shareholder value and continuing to drive Nexteer's leadership in intuitive motion control."

Richardson began his career in 1974 at the former Saginaw Steering Gear Division while studying for his bachelor's degree in engineering at Kettering University. Over the next four decades,he held a broad range of assignments across skilled trades,manufacturing,engineering and business leadership within the US,France and China. He was appointed Nexteer's Executive Board Director in 2013 and appointed President in 2016.

"It's been my distinct honor to have served alongside this global team for 45 years. I have every confidence that Nexteer is well positioned to continue to create an increasingly prosperous future for all stakeholders," said Richardson.

About Nexteer

Nexteer Automotive (HK 1316),a global leader in intuitive motion control,is a multi-billion dollar global steering and driveline business delivering electric and hydraulic power steering systems,steering columns,driveline systems,as well as advanced driver assistance systems (ADAS) and automated driving enabling technologies for original equipment manufacturers (OEMs). The company has 28 manufacturing plants,three technical centers and 14 customer service centers strategically located in North and South America,Europe,Asia and Africa. The company serves more than 60 customers in every major region of the world including BMW,Fiat Chrysler,Ford,GM,PSA Groupe,Toyota and VW,as well as automakers in India and China. www.nexteer.com

Logo - http://cusmail.com/res/2023/07-23/21/0631c5fcec56288fb17b550ef8fdf02c.jpg