Commercial Vehicle Group Announces Organizational Changes
Group, Inc. (Nasdaq: CVGI) today announced the realignment of its management
team to support its strategic initiatives. The Company cited changes in its
operating environment, the global commercial vehicle industry and general
economic conditions as the primary reasons for the changes.
“We must react to the environment around us when it changes as
significantly as we have seen over the past six to twelve months,” said
Dunn
“With our 2007 acquisitions and our major push towards global products for our
customers, the time is right to shift our internal model to achieve the
highest benefit for CVG and our shareholders,” added Mr. Dunn.
assume the role of Executive Vice President and General Manager for Electrical
Systems, which will include both the domestic and international wire harness
operations. Mr. Frailey’s current responsibilities in business development
and research & development will be transitioned to
of Strategy and Business Integration.
will report directly to Mr. Dunn and focus solely on the Company’s aftermarket
and specialty products.
Executive Vice President and General Manager of Seating Systems, which will
include both the domestic and international seating operations, and will
report to Mr. Dunn.
of the European seating operations to Mr. Kniss and the wire harness
operations to Mr. Frailey over the next several months. When the transition
is complete, Mr. Boyd will remain an active member of the executive management
team as a Senior Advisor to the CEO, while also focusing on the development
and growth of the Company’s operations in
President and General Manager of Cab Systems, which will include the
structural and trim product operations. Mr. Armstrong will also lead the
transition of the domestic seating operations to Mr. Kniss and the specialty
products business to Mr. Bush over the next several months.
The Company also announced that
will assume the additional responsibility for corporate human resources from
In addition,
Global Purchasing and Logistics, will oversee the Company’s global procurement
and logistics and will report directly to Mr. Dunn.
“This realignment will result in a flatter, more functional organization
which will allow us to rekindle our entrepreneurial spirit within our core
product lines. I have extreme confidence in this management team and our
ability to make these changes successful,” commented Mr. Dunn.
About Commercial Vehicle Group, Inc.
Commercial Vehicle Group is a leading supplier of fully integrated system
solutions for the global commercial vehicle market, including the heavy-duty
truck market, the construction and agriculture market and the specialty and
military transportation markets. The Company’s products include suspension
seat systems, interior trim systems, such as instrument and door panels,
headliners, cabinetry, molded products and floor systems, cab structures and
components, mirrors, wiper systems, electronic wiring harness assemblies and
controls and switches specifically designed for applications in commercial
vehicle cabs. The Company is headquartered in
throughout
Forward-Looking Statements
This press release contains forward-looking statements that are subject to
risks and uncertainties. These statements often include words such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar
expressions. In particular, this press release may contain forward-looking
statements about management organizational changes and the anticipated
benefits of these changes. These statements are based on certain assumptions
that the Company has made in light of current conditions, expected future
developments and other factors it believes are appropriate under the
circumstances. Actual results may differ materially from the anticipated
results because of certain risks and uncertainties, including but not limited
to: (i) the Company’s failure to implement its business strategy; (ii) the
Company’s inability to execute restructuring initiatives or achieve
operational efficiencies; (iii) general economic or business conditions
affecting the markets in which the Company serves; (iv) the loss of any of the
Company’s key management personnel; and (v) various other risks as outlined
under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K
for the fiscal year ended
Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended
press release relating to future events will be achieved. The Company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results over time.
SOURCE Commercial Vehicle Group, Inc.