Paris, France – Valeo has announced that CEO Thierry Morin has resigned. The move comes following a reported disagreement over company strategy. Jacques Aschenbroich has been named as his replacement. Morin had been Chairman and CEO for eight years.

In a statement, Valeo said, “This decision comes as a result of strategic differences and the will of the board to change the group’s governance structure.”

Valeo ranks among the world’s top automotive suppliers with 121 plants, 61 R&D centrers and 10 distribution centres.