“Pat Olney is a deeply experienced senior executive who has a strong track record of delivering on challenging financial and operational objectives for large global organizations,” said Larson. “The Board of Directors and I believe Pat is the ideal leader to take Neovia forward. We’re confident he will build on our history of delivering operational excellence for our customers.”

Olney has extensive experience in the automotive and industrial sectors, two markets in which Neovia has a strong presence. Olney served most recently as chief operating officer of TRW Automotive and before that as president and chief executive officer of Volvo Construction Equipment. He had an 18-year tenure at Volvo and held several other key executive roles including chief financial officer and executive vice president of operations.

“I am deeply honored by the opportunity to lead Neovia,” said Olney. “Neovia has tremendous heritage, expertise and talent, and is well positioned for continued success and improvement in its core business, as well as for future growth. I look forward to working with Neovia’s leadership team and employees worldwide to continue the company’s proud legacy and guide its long-term success.”

Olney’s immediate focus will be on working with Neovia’s executive team to execute the company’s long-term business strategy and drive profitable growth. He will also focus in the near term on meeting Neovia’s people and customers to fully immerse himself in the business.

Larson, who was actively involved in identifying Olney as his long-term successor, will continue to serve on Neovia’s Board of Directors and will work closely with Olney during his transition to CEO.