Methode Electronics, Inc., a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced that Jon DeGaynor has been appointed President, Chief Executive Officer (CEO) and a member of the Board of Directors. Mr. DeGaynor succeeds Kevin Nystrom, a partner and managing director at AlixPartners LLP, who has served as interim CEO since May 7, 2024.
With a 35-year career in engineered-products businesses, Mr. DeGaynor brings to Methode diverse experience at the intersection of operations, technology and strategy. From 2015 to 2023, he served as President and CEO of Stoneridge, Inc., a publicly traded global designer and manufacturer of highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway and agricultural vehicle markets. At Stoneridge, he led a team that developed and executed a strategic shift toward being a systems provider for both passenger and commercial vehicle customers, particularly in the areas of vehicle intelligence and advanced safety systems. The strategy drove transformation across Stoneridge’s product portfolio, organizational structure and financial performance, leading to significant growth and value creation. Since 2023, Mr. DeGaynor has been Executive Chairman of Racing and Performance, Inc., an automotive performance systems supplier in the aftermarket space.
Chairman Walter J. Aspatore said, “After a comprehensive search process, we are pleased to appoint a seasoned executive of Jon’s caliber as the new CEO of Methode. Jon brings an impressive track record of delivering successful business transformations, including at Stoneridge, within our industry. The Board is confident Jon is the right person to guide our talented team and refine our go-forward plan to drive profitability and return to growth. We are excited to benefit from his operational and strategic expertise.”
Mr. DeGaynor said, “I have long admired Methode in my roles at adjacent companies in the industry, and I am honored to be appointed CEO at this pivotal time for the company. As we continue Methode’s ongoing review of operations, costs and portfolio, I will begin with a focus on restoring profitability and strengthening the company’s foundation. I look forward to working alongside the team to deliver for our customers and all stakeholders as we build on our positions in attractive and growing end markets.”
Mr. Aspatore added, “On behalf of the Board, I thank Kevin Nystrom for lending his financial management and operational experience and continuing to advance our key initiatives during his time as interim CEO.”
SOURCE: GlobeNewswire