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Tom Burke[/caption]
Tom Burke has stepped own as president and chief executive officer of Racine-based
Modine Manufacturing Co.
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Mick Lucareli[/caption]
Mick Lucareli, Modine’s chief financial officer, will serve in those roles on an interim basis. Burke has also stepped down from Modine’s board but remain with the company in a senior advisory role until Aug. 28.
Marsha Williams, lead director of Modine’s board, noted that Burke took on the CEO position amid the 2008-09 financial crisis and had to act with a sense of urgency to help the company weather the downturn. He also launched an initiative in 2015 to strengthen, diversify and grow the company that led to the acquisition of Luvata HTS in 2016.
“As Modine works to complete the divestiture of its legacy automotive business and further pivots towards its long-term vision to become a true industrial thermal management solutions provider, we have reached a natural inflection point,” Williams said. “Now is the right time to find a new leader that can drive our industrial transformation strategy, while accelerating the company's future growth.”
Modine’s board has launched a global search for Burke’s replacement. Lucareli and other company executives did not comment on the search on Modine’s first quarter earnings call Wednesday, except to say a search firm has been engaged and both external and internal candidates would be considered.
