Linamar reports earnings rise to $174.1-million, CEO to become executive board chair

Manufacturer Linamar Corp. LNR-T says its earnings and revenue rose during the last quarter that longtime CEO Linda Hasenfratz will serve in the top role.

The company announced alongside its second quarter results that Hasenfratz has shifted from the chief executive position she’s held since 2002 to become executive chair of the board.

It says Jim Jarrell, who stepped into the president role in 2004, will take on the CEO position as well.

The leadership shift came as Linamar reported a net income of $174.1 million for the quarter ending June 30, up from $135 million last year.

Sales for the producer of auto parts, agricultural and industrial equipment totalled $2.85 billion, up from $2.55 billion last year.

Hasenfratz said the company was happy with the growth in the quarter, especially with the continued recovery of its automotive business.