CHICAGO – Methode Electronics has announced the appointment of Jon DeGaynor as president and CEO, effective July 15.

DeGaynor succeeds Kevin Nystrom, a partner and managing director at AlixPartners LLP, who has served as interim CEO since May 7.

DeGaynor has a 35-year career in engineered-products businesses, serving as president and CEO of Stoneridge, Inc., a designer and manufacturer of electrical and electronic systems, components, and modules for the automotive, commercial, off-highway and agricultural vehicle markets, from 2015 to 2023. Since 2023, he has been executive chairman of Racing and Performance, Inc., an automotive performance systems supplier in the aftermarket space.

"After a comprehensive search process, we are pleased to appoint a seasoned executive of Jon’s caliber as the new CEO of Methode," said Chairman Walter J. Aspatore. "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."

"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," DeGaynor said. "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.

"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."

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