TROY, MI — Truck component manufacturer Meritor Inc. has shuffled some of its leadership while reporting increased profits this week.

President and Chief Operating Officer Jeffrey “Jay” Craig was named the CEO, succeeding Ivor “Ike” Evans. Craig was also appointed to the board of directors and will retain his role as president of the company.

Meritor’s former CEO and chairman of the board, Evans, has moved into the role of executive chairman. Evans had been chairman of the board and CEO of Meritor since 2013 and a member of the board of directors since 2005.

Craig has been Meritor’s president and chief operating officer since 2014, providing oversight to Meritor’s commercial truck and industrial, and aftermarket and trailer businesses. He has been with the company since 2006.

Meantime, the Michigan-based company reported a surge in its quarterly income for the first three months of the year, increasing to U.S.$43 million from U.S.$3 million a year earlier.

This came despite sales falling 9.4% to U.S.$864 million.

The decline was driven primarily by lower commercial truck production in South America and China and lower revenue in the Meritor’s defense business, according to the company. Sales also were hurt by currency exchange rate declines primarily in Brazil and Europe against the U.S. dollar. Higher sales in North America partially offset the year-over-year revenue decrease, as Class 8 truck orders continued to strengthen.

For all of 2015 Meritor is expecting revenue to be in the range of U.S.$3.5 billion to U.S.$3.55 billion, down from earlier guidance of U.S.$3.7 billion, while adjusted diluted earnings per share from continuing operations in the range of U.S.$1.30 to U.S.$1.40, up from a earlier forecast of U.S.$1.20 to U.S.$1.30.