Steven Borick will retire as chief executive of aluminum wheel manufacturer Superior Industries International Inc. effective March 31.
Borick, 61, will remain chairman of the Van Nuys company founded by his late father, Louis Borick, in 1957. He is stepping down from management to give more time to personal interests, including philanthropic activities, he said.
“I am gratified that over the last several years, we worked diligently as a team to weather the recession, while retaining our leadership position and posturing Superior for long-term growth,” Borick said in a prepared statement.
Borick took over as chief executive from his father in 2005 and became chairman in 2007. His tenure was marked by a recession that severely impacted automobile production and resulted in Superior consolidating its operations as it closed factories, including the one in Van Nuys.
With the economy’s rebound and improving auto sales, the fortunes of Superior went on an upswing. Early this year the company announced it would invest up to $135 million to build its fourth facility in Chihuahua, Mexico.
Shares of Superior closed Monday up 6 cents, or less than 1 percent, to $17.93 on the New York Stock Exchange.