ANN ARBOR, MI – Following last week’s news announcing a restructured marketing operation, today Affinia Group announced that it has added two new members to its corporate finance team and also realigned the duties of some existing corporate finance managers. AdvertisementClick Here to Read MoreAdvertisement “This finance team, under the leadership of our CFO Thomas Madden, will assure that we stay on course to meet and exceed the expectations of our customers and our investors,” said Terry McCormack, Affinia’s president and chief executive officer. “Our comprehensive restructuring program continues to move forward according to plan. As we achieve our immediate goals, we will continue to implement organizational change that will position us for success with our longer-range strategic initiatives.” The company has appointed David Shears to the position of director of internal audit, and Mark Trinske to the position of director of investor, public and government relations. Shears joins Affinia Group from Metaldyne Corp., a privately held auto parts manufacturer, where he served as director of internal audit services. At Affinia, he will be responsible for global internal auditing. Mark Trinske will be responsible for the flow of financial and strategic information to investors, press and public. Trinske will also provide a liaison to various governmental agencies. He was formerly with ProQuest Co., where he held the position of vice president, investor relations. Under the newly aligned corporate finance structure, Pat Flanagan has been promoted from corporate controller to chief accounting and financial compliance officer. In this expanded role, Flanagan will be responsible for, among other things, compliance with Sarbanes-Oxley requirements. Advertisement Walt Nevolis, formerly Affinia’s director of audit and compliance, has been named director, IT business office. Nevolis will be responsible for IT corporate compliance, corporate technology investments and will interface with IT providers. Nevolis will also serve as a financial analyst to the company’s business architecture group. Chuck Mendeljian, vice president of customer financial services, will join the finance department in the same capacity. Mendeljian’s extensive experience in the analysis and management of customer credit will result in closer integration within the finance department. “These changes greatly strengthen our audit, communications and compliance functions,” said Thomas Madden, Affinia Group’s chief financial officer. “With these additions and this realignment, our finance organization is well positioned to support our current growth as well as our long-range strategic initiatives.” For more information about Affinia, go to: http://www.affiniagroup.com.
Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Subscribe now for unlimited access Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletters Get your free guest access SIGN UP TODAY To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN
Tags: 25 June 2016, 12:26 Wins for Allen and Simpson while Trevor Breen aims for Hickstead Derby hat-trick Ireland’s Bertram Allen and the grey mare Molly Malone V, raced to victory in the Prix Massimo Dutti trophy in Monaco yesterday (Friday), after a 13 horse jump-off that had spectators on the edge of their seats.Allen and Molly Malone produced a double clear round in 34.56 seconds to land the feature class of the day, in one of the smallest arena’s on the Global Tour circuit – nestled between the Formula 1 pit lane and super yachts birthed nearby at Port Hercule harbour. Home » General » Wins for Allen and Simpson while Trevor Breen aims for Hickstead Derby hat-trick The Irish flag flies high on the French Riviera, where Wexford’s Bertram Allen and Molly Malone took victory in the Massimo Dutti trophy. Irish fans will be hoping for another win when Ireland take on France in the Euro 2016 last 16 match in Paris on Sunday (Photo: Stefano Grasso/LGCT)Belgium’s Jérôme Guery finished under a tenth of a second behind with Alicante in runner-up spot, while Germany’s David Will came home in third with Cento Du Rouet.Allen will line-out in today’s Longines Global Champions Tour Grand Prix in Monaco along with fellow Irish rider Denis Lynch.Meanwhile Derry-born David Simpson also scored a win for Ireland on Friday at the Hickstead Derby meeting in the UK. Simpson guided Gotti Van Paemel to victory in the Bunn Leisure Derby Trial with the only double clear round of the competition. Tipperary’s Shane Breen finished third with Acoustik Solo Du Baloubet.The world famous Hickstead Derby takes place tomorrow Sunday, with Trevor Breen hoping to join an elite list of riders who have won the Derby three times in-a-row. Breen scored his first Derby win in 2014 with the one-eyed wonder horse Adventure De Kannan, before adding a second victory in 2015 with The Irish Sport Horse, Loughnatousa WB.Nick Skelton, Michael Whitaker and Peter Charles have won the Derby three years in-a-row, while Eddie Macken and the wonderful Boomerang, after whom the Hickstead Derby trophy is now named, remain the only combination to win on four occasions – from 1976 to 1979.
Any one of these pessimistic forecasts may come true, but it’s highly unlikely they will all come true. For example, while drivers are notoriously unresponsive to gasoline prices, transportation is changing with remarkable speed. The major auto manufacturers are almost all investing heavily in electric or fuel cell vehicles, and the growing “sharing economy” makes individual ownership less of a necessity. Ten years from now, the transportation sector could look more like the electricity sector, where small price signals have large effects.Recognizing the Full Emissions Benefits of a Carbon PriceOur intention is not to pick on EIA, which provides an invaluable source of public information, and whose forecasts differ little from other prominent carbon-pricing studies. Still, all these pessimistic modeling assumptions combine to produce pessimistic results, selling short the benefits of a carbon price.There is no doubt the exact effects of a carbon price are uncertain, but to the extent that our expectations are shaped by the modeling results, the bulk of the uncertainty points in the direction of greater emissions reductions than those forecasted. Alongside a smart portfolio of complementary policies, a carbon price can help us achieve our emissions targets—and at prices that may be lower than we think.LEARN MORE: Read the full issue brief. How much would a carbon tax reduce U.S. emissions?The U.S. Energy Information Administration (EIA) found that if the country had set a carbon tax of $25 per ton in 2015 and increased it by 5 percent each year, CO2 emissions would have fallen to 32 percent below 2005 levels by 2030. But new research shows that this may underestimate a carbon price’s true potential.In our new issue brief, Putting a Price on Carbon: Reducing Emissions, we outline the specific ways a carbon price (meaning either a carbon tax or cap-and-trade program) would encourage emissions reductions by changing the behavior of producers, consumers and investors throughout the economy. We compare these incentives to the corresponding forecasts in EIA’s model, and we find that the model is likely underestimating emissions reductions in important ways.Models Likely Underestimate Emissions Reductions in the Electricity SectorTake the electricity sector: A carbon price will increase the cost of electricity in proportion to the carbon content of the fuel, thus encouraging the replacement of high-carbon sources like coal with lower-carbon options like natural gas and renewables. The response of the U.S. electricity grid to price signals is remarkably rapid and strong—the figure below shows how coal usage has correlated with large shifts in natural gas prices in recent years. Computer model forecasts are designed to mimic such historical relationships, so natural gas usage is assumed to increase when a carbon price raises the relative price of coal-fired electricity.Click to enlarge. Naturally, models are not as good at predicting relationships without a strong precedent, such as the replacement of fossil fuels with renewables. In fact, models are highly pessimistic about the future of renewables. For example, the costs of building a utility-scale solar photovoltaic plant have been declining at more than 10 percent per year, yet EIA assumes these costs in 2025 are no lower than the median cost of a plant installed in 2014. If the technology continues to improve—as industry experts expect it will—solar energy will be available to replace fossil fuel generation quicker and to a larger degree than computer models predict, thus increasing the effectiveness of a carbon price.The same is true when you look at electricity use by individuals and businesses. Computer models again use past precedent as a guide, assuming electricity customers respond to a carbon price as they have responded to price fluctuations in the past. But consumers may be more responsive to price changes caused by taxes, and it’s easy to see why—few of us notice when our electricity rates change, but carbon-pricing legislation would be highly publicized. When the UK instituted a climate change-inspired tax on electricity in 2001, a study of commercial customers found a response over twice as large as estimates based on the EIA historical data would have predicted. Perhaps more importantly, using past consumer behavior as a guide misses major advancements in the electricity market—smart grids, time-differentiated pricing, and demand response programs are all designed to increase consumers’ responsiveness to price changes.The Impacts of a Carbon Price Go Beyond the Power SectorBeyond electricity, a major advantage of a national carbon price is the broad array of emissions-reduction activities it encourages. With a carbon tax or cap-and-trade program in place, households and businesses in virtually every sector of the economy have a financial incentive to reduce their carbon footprints. Any given emissions target can therefore be met more cost-effectively compared to a policy that requires all reductions from a single sector or region.Yet outside the electricity sector, computer models assume carbon prices have little to no effect on emissions. The figure below displays the EIA’s emissions reductions forecast for its $25 per ton carbon price scenario. With minor exceptions, the model suggests that households and businesses do not to respond to increasing heating bills, manufacturers do not adjust to rising input costs, and neither producers nor consumers respond to the increased costs of transportation fuels. Click to enlarge