SOUTHFIELD, Mich., April 22, 2024 /PRNewswire/ -- Veoneer, a market leader in Automotive Safety Systems, today announces the appointment of Nik Endrud as Veoneer's new Chief Executive Officer, effective immediately.

Nik Endrud is a results-driven business leader with an excellent track record and more than 20 years of experience from leadership positions at global automotive suppliers. Most recently, Nik served as Executive Vice President Americas at Forvia, a leading automotive technology supplier combining the assets of Faurecia and Hella with global sales of €27 billion. Nik was responsible for Forvia's North and South America businesses, comprising 61 plants and ~30,000 employees.

Nik was Vice President and General Manager for Ride Control at Tenneco between 2019 and 2021, and prior to that worked at Faurecia SA since 2006, where he held several leadership positions, including General Manager for the North America seating and global seat frames businesses, VP global strategy and innovation and VP North America customer business unit.

"I am humbled to step into my role as CEO of Veoneer. Nearly 1 in every 4 cars that left the production line globally last year was equipped with Veoneer's Restraint Control System products, offering protection to vehicle occupants in the event of a traffic accident. The company's leadership position in Restraint Control Systems is a true team effort and the result of decades of delivering best-in-class product quality, customer service, and technical innovation. I am honored to lead the team into the future," said Nik Endrud, Chief Executive Officer, Veoneer.

For more information please contact:

For Veoneer: Cathrine Stjärnekull, Communications Director
cathrine.stjarnekull@veoneer.com, tel +46 709 578 181

For AIP: Ryan Drumm, Partner, Marketing & Investor Relations
IR@americanindustrial.com, tel: +1 212 627-2360

About Veoneer:
With sales of approximately $900 million for the full year 2023, Veoneer is a world leader in Automotive Electronic Safety Systems. Veoneer's scalable, best-in-class restraint control systems are saving lives by mitigating the effects of car crashes. 2023 was a record launch year and in 2024, the company's products are part of 40 scheduled vehicle launches. To date, the company has delivered more than 1 billion electronic control units and crash sensors to car manufacturers globally. The company is building on a heritage of 70 years of automotive safety development. Veoneer has approximately 2,700 employees in 11 countries.

About AIP:
AIP has deep roots in the industrial economy and currently manages over $16 billion on behalf of its limited partners. AIP is distinctively focused on industrial businesses across a broad range of end-markets that include aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP seeks to generate differentiated returns by working with management teams to implement comprehensive Operating Agendas to improve profitability and build long-term value. Current AIP portfolio companies generate aggregate annual revenues in excess of $28 billion and employ over 70,000 employees as of September 30, 2023. For additional detail on AIP's strategy, investment criteria, and portfolio companies, please visit www.americanindustrial.com or contact IR@americanindustrial.com.

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