Peter Cirulis Appointed Chief Financial Officer of Martinrea International Inc.

TORONTO, June 13, 2024 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX: MRE), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced that Peter Cirulis has been appointed Chief Financial Officer of the Company effective July 1, 2024. Mr. Cirulis has been Martinrea's Executive Vice President, Aluminum Group since 2018.

Fred Di Tosto, current President and Chief Financial Officer, will retain his current responsibilities as President going forward.

Pat D'Eramo, Martinrea's Chief Executive Officer, stated: "This appointment reflects the continued growth of our leadership group at Martinrea, and will allow Fred to focus on his role as President, while still assisting Peter in the transition. I have worked side by side with Peter for many years, including at Dana Incorporated where he was Vice President of Finance and Operational Excellence for the Commercial Vehicle Group. He is a seasoned financial executive with multiple years of experience in the automotive parts business. At Martinrea, Peter has held many operational and strategic roles with increasing responsibility. He will remain as the Lead of the Commercial Lightweight Structures group, a position he has held now for several years. I look forward to working closely with Rob, Fred, Peter and the other members of the leadership team as we continue to build on our success at Martinrea."

Rob Wildeboer, Martinrea's co-founder and Executive Chairman, stated: "Our executive team continues to develop and become more seasoned. Peter has contributed to our growth and success over the past several years. He is a core member of our senior executive team, with a strong commitment to our culture, and vision of making lives better. Pat, Fred and Peter have already proven to be a great team. All of us will continue to work for our shareholders and other stakeholders, and look forward to continued personal contact and dialogue with them in future. We believe it is a sign of strength of our company that our leaders can continue to broaden their expertise by taking on new roles."

Fred Di Tosto, Martinrea's President, stated: "It is an honour to have served as CFO of Martinrea since 2011, as it continues to be an honour to serve as President now. Peter and I work very well together, and I am confident this move is good for our company and business. Our financial position today is as strong as it has ever been-we are enjoying record sales and cash flow, our balance sheet is in great shape, and we are making good returns on our investments, all while maintaining a strong balance sheet. We will strive to continue to improve in all these areas."

Peter Cirulis stated: "Martinrea is a great company with a great future. I have believed that since the day I joined the company and I believe it today. I have had the privilege to work side by side with the people here in good times and in challenging times, and we have continued to thrive in the face of challenges. Our culture in this place is terrific-we take care of our people and we take care of each other, which I believe is one of our competitive strengths. I am extremely grateful for this opportunity."

Mr. Cirulis, 56, has been an officer of Martinrea since 2018, most recently as EVP of the Aluminum Group and as the Commercial Lead of the Lightweight Structures Group. Prior to joining Martinrea, Mr. Cirulis was with Dana Incorporated nearly nine years, in a variety of roles, including as Vice President, Customer Experience, Strategy and Product Planning for the Aftermarket Group; Vice President of Finance and Operational Excellence for the Commercial Vehicle Division; Vice President, Global Business Development for the Light Vehicle Division and President, Europe and South Africa Region based in Zurich, Switzerland. Prior to joining Dana in 2010, Peter spent more than a decade at Robert Bosch in a variety of financial leadership roles, in Germany and the US. In his last role, he served as Vice President, Finance and Controlling for the Powertrain Division. Mr. Cirulis holds a MBA in international finance from the University of South Carolina, Darla Moore School of Business and a Bachelor of Arts in Economics from Kalamazoo College.

ABOUT MARTINREA INTERNATIONAL INC.

Martinrea International Inc. (TSX: MRE) is a leader in the development and production of quality metal parts, assemblies and modules, fluid management systems, and complex aluminum products focused primarily on the automotive sector. Martinrea currently employs more than 19,000 talented and motivated people and operates in 56 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea's vision is making lives better by being the best supplier we can be in the products we make and the services we provide. For more information on Martinrea, please visit www.martinrea.com.

For further information, please contact:

Rob Wildeboer, Executive Chairman
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Deanna Lorincz, Global Director, Communications and Marketing
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