Automotive safety technology supplier Veoneer appointed longtime Forvia executive Nik Endrud as its CEO, less than two months after being acquired by a New York private equity firm.
Endrud, supplier giant Forvia's executive vice president for the Americas, was named head of Veoneer effective immediately. He succeeds Jacob Svanberg, who had served as Veoneer's CEO since April 2022 amid a previous sale of the company's assets.
Veoneer today announced that the American Industrial Partners Capital Fund VII (AIP Fund VII) has completed the acquisition of Veoneer's Restraint Control Systems business from SSW Partners LP. The deal was first announced on December 6, 2023.
Veoneer is a market leader in Automotive Safety Electronics. In the past year, nearly 1 in every 4 cars that left the production lines globally was equipped with Veoneer's Restraint Control System products, offering protection to vehicle occupants in the event of a traffic accident.
Automotive safety technology supplier Veoneer appointed longtime Forvia executive Nik Endrud as its CEO, less than two months after being acquired by a New York private equity firm.