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Posted 14 June, 2023

Commercial Vehicle Group, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:CVGI in a 8-K filed on 14 June, 2023.


  As previously disclosed, effective May 19, 2023, Robert C. Griffin was appointed the interim President and Chief Executive Officer of Commercial Vehicle Group, Inc., (the "Company") and the Board of Directors of the Company has engaged a search firm to find a permanent President and Chief Executive Officer.  

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Overview of Commercial Vehicle Group, Inc.
Automotive • Commercial Vehicles
Commercial Vehicle Group, Inc. engages in the manufacture, supply, and sale of cab related products and systems. It operates through Electrical Systems and Global Seating segments. The Electrical Systems segment includes electrical wire harnesses and panel assemblies, trim systems and components, cab structures and sleeper boxes, mirrors, wipers, and controls. The Global Seating segment offers seats and seating systems, office seating, and aftermarket seats and components. The firm serves the trucking, construction, retail, military, bus, agricultural, and off-road recreational markets. The company was founded in August 2000 and is headquartered in New Albany, OH.
Market Cap
$224M
View Company Details
Commercial Vehicle Group, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


As previously disclosed, effective May 19, 2023, Robert C. Griffin was appointed the interim President and Chief Executive Officer of Commercial Vehicle Group, Inc., (the "Company") and the Board of Directors of the Company has engaged a search firm to find a permanent President and Chief Executive Officer. 


A time of change at the top of management is likely to create uncertainty about job security among senior management, who are critical to the success of the Company. In order to ensure continuity of service by the Company's named executive officers and Section 16 officers, the Company has entered into letter agreements with such persons providing for temporary enhanced benefits in the case of job loss. Until December 31, 2024, the following additional payouts would be available for certain job separations:


With respect to Chung Kin Cheung ("Andy Cheung"), Chief Financial Officer, Aneezal H. Mohamed, Chief Legal Officer, Richard Tajer, Chief Commercial Officer and President of Electrical Systems, and Kristin S. Mathers, Chief Human Resource Officer, if their employment with the Company is terminated Without Cause or for Good Reason (as defined in their respective letter agreements) on or before December 31, 2024, they will receive:


1. salary continuation for an additional twelve (12) months from what they are entitled to under their respective change in control agreements, for a total of twenty-four (24) months; and

2. COBRA payments for a term of six (6) months with the same health care coverage in effect on the date of their termination of employment.


With respect to each of Ms. Mathers and Mr. Cheung, they will also receive continued vesting of signing incentives granted to them by the Company in connection with the walk-away value of long-term compensation incentive each had with their respective prior employer before they became an employee of the Company.


With respect to Angela M. O'Leary, the Chief Accounting Officer, if her employment with the Company is terminated Without Cause or for Good Reason (as defined in her letter agreement) on or before December 31, 2024, Ms. O'Leary will receive:


1.salary continuation for an additional six (6) months from what she is entitled to under her change in control agreement, for a total of twelve (12) months; and

2. COBRA payments for a term of six (6) months with the same health care coverage in effect on the date of her termination of employment.


The letter agreement with each of the executives named above shall terminate and become null and void as of December 31, 2024, or should they leave the Company voluntarily.