“I have known Steve for many years and have always had a great deal of respect for his leadership and operating skills. Steve’s deep background and experience in the automotive industry are a great fit for the business, and will ensure continuity of service to our global customer base,” said Wilbur Ross Jr., chairman, WL Ross & Co., a significant shareholder of IAC. “Steve’s corporate roles often have drawn upon his turnaround experience, but that is not the case here. Our interest is in his automotive experience and relationships.”
Miller, who is widely recognized for his broad operational experience, brings years of automotive supplier and OEM experience to IAC, previously serving as a board member of Federal-Mogul Corp. from 1993 to 2005 and as interim CEO during a portion of that period. He served as chairman and CEO of Bethlehem Steel Corp. from 2001 to 2003 and as chairman and CEO of Delphi Corp. from 2005 until 2006 and held the executive chairman position from January 2007 until Delphi’s Chapter 11 emergence in 2009.
“Steve has a proven ability to lead large-scale global companies and his business expertise and leadership will allow IAC to continue to grow its leading global presence,” said IAC Group Chairman Stephen Toy, a representative of WL Ross & Co. “I’ve had the pleasure of developing a close working relationship with Steve as members of the board of WL Ross Holding. I would also like to thank Jim for his years of leadership and dedication to making IAC the world class organization that it is today and I wish him the best in his future endeavors.”
Miller has considerable executive leadership experience, serving as a member of boards of directors in a variety of industries, such as consumer products (Coleman, Reynolds American and Kendall Jackson), financial services (US Bancorp and American International Group) and industrials (United Airlines, Syntex, Pope & Talbot and Waste Management). He currently serves as a director of Dow Chemical; Internet security software company Symantec Corp.; and global insurance conglomerate American International Group. He also is chairman of the private equity firm MidOcean Partners.
“I have spent more than 40 years running companies in a variety of industries across different market cycles,” said Miller. “I am looking forward to returning to the automotive industry and working with the IAC team, as we share the belief that a focused strategy and the correct operating resources can create significant value for shareholders. As president and CEO, I plan to share my experiences to help maximize IAC’s brand, its commitment to customers and its strong and talented workforce.”
Miller began his career in 1968 at Ford Motor Co. and after more than a decade there joined Chrysler Corp., where he worked for 13 years, eventually serving as vice chairman. While at Chrysler, all international automotive operations and non-automotive operations reported to him. He then joined New York investment bank James D. Wolfensohn Inc. as a senior partner from 1992 to 1993. In 1995, Miller was appointed chairman of the board of engineering, construction, mining and environmental services firm Morrison Knudsen Corp. from April 1995 until September 1996, overseeing financial restructuring and the merger with Washington Construction. Miller was then named vice chairman of the board (renamed Washington Group) until February 2002.
He is a graduate of Stanford University and received his J.D. from Harvard Law School and his Master of Business Administration from Stanford University Graduate School of Business. Miller also is the author of a well-received autobiography published in 2008.