Aptiv PLC (APTV, Financial) has announced significant changes in its senior management team, effective November 8, 2024. Joseph R. Massaro, who has been serving as the Vice Chairman, Business Operations, and Chief Financial Officer, will now lead the Engineered Components Group. Consequently, he will step down from his position as Chief Financial Officer.
Varun Laroyia has been appointed as the new Executive Vice President and Chief Financial Officer. Laroyia joins Aptiv from LKQ Corporation, where he held various leadership roles, including Senior Advisor and Chief Executive Officer of LKQ Europe. His extensive experience also includes serving as Chief Financial Officer at CBRE Group, Inc., and holding various positions at Johnson Controls, Gateway, General Electric, and KPMG.
In his new role, Laroyia will receive an annual base salary of $850,000, with an annual bonus target of 100% of his base salary. Additionally, he will be granted a long-term incentive award valued at $4,050,000, comprising 40% time-based and 60% performance-based vesting restricted stock units. A one-time long-term incentive award of $3,000,000 in time-based vesting restricted stock units and a $2,000,000 cash signing bonus are also part of his compensation package.
William T. Presley, Vice Chairman and Chief Operating Officer, will be stepping down from his role on November 22, 2024, to pursue other opportunities. His responsibilities will be distributed among other members of Aptiv's management team.
These strategic changes reflect Aptiv's commitment to strengthening its leadership team and driving future growth. The company continues to focus on innovation and operational excellence in the automotive technology sector.
Should you invest in Aptiv PLC (APTV, Financial) right now? Before you do it, it’s important to understand the business profitability and stock valuations, and find out what the warning signs are about. See the in-depth Aptiv PLC (APTV) stock research here.
