Stoneridge, Inc. announced today that David Max Draime, the Company's founder and Chairman, passed away on July 9, 2006, at the age of 73.
A U.S. Navy veteran and graduate of Kent State University, Mr. Draime established the Company in 1965 to produce wiring harnesses primarily for the agricultural equipment industry. From humble beginnings in a small factory in Orwell, Ohio, Mr. Draime presided over an operation that grew from five employees in 1965 to approximately 6,000 employees on four continents in 2006.
Today, Stoneridge is a leading supplier to the automotive, commercial vehicle and agricultural/off-highway markets around the world with revenue of approximately $672 million. The Company designs and produces switching, sensing, and electronic devices in addition to the original wire harness products.
"Mr. Draime has been an inspirational leader to the entire Stoneridge family and we will deeply miss his guidance, enthusiasm and personal warmth," said John Corey, president and chief executive officer. "His dedication to the Company he founded never diminished and he always looked forward, envisioning the continued growth and success of Stoneridge. He will be missed not only as a business colleague but also as a friend. Mr. Draime will also be missed by his family and by the numerous philanthropic organizations which he has supported."
Jeff Draime, David Max Draime's son and a Stoneridge director, indicated the Draime family plans to retain Mr. Draime's Stoneridge shares, and the family will remain the largest shareholder of the Company.
Mr. William M. Lasky, Chairman, President and Chief Executive Officer of JLG Industries, Inc. and the lead director of Stoneridge and Chairman of the Nominating and Corporate Governance Committee, will assume the role of interim, non-executive Chairman of the Board of Stoneridge.
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