Meritor Names New Chair, CEO As McClure Departs

Meritor Inc. has named board member Ivor Evans as executive chairman and interim CEO and president, effective immediately.

He replaces Chip McClure who has left Meritor after nine years. The company did not give a reason for McClure's sudden departure.

Meritor says it has begun an internal and external search for a permanent CEO and president.

Evans worked at General Motors for 21 years before becoming a senior executive at Emerson Electric. In 1998 he joined Union Pacific as president and COO. He retired as the railroad company's vice chairman of in 2005. He joined Meritor's board that year.

Meritor reported last week that it lost $4 million in the January-March quarter. Revenue dropped 2% to $908 million because of lower sales in nearly all its markets.