Commercial Veh Group Inc - CVGI STOCK NEWS

Commercial Vehicle Group (CVG) announced that Robert C. Griffin will retire from the Board of Directors, effective May 15, 2025. Griffin, who has served as a Director since 2005 and is the current Chairman of the Board, will not stand for re-election at the 2025 annual meeting of stockholders.

William C. Johnson is expected to succeed Griffin as Chairman of the Board. Michael Nauman, Chairman of the Nominating, Governance and Sustainability Committee, acknowledged Griffin's invaluable contributions during his 20-year tenure, particularly highlighting his extraordinary leadership in supporting the company's strategic goals and priorities.

Griffin's retirement is not due to any disagreement with the Company, its management, the Board, or any committee of the Board.

CVG (NASDAQ: CVGI) reported its Q4 and full-year 2024 results, showing significant challenges. Q4 revenue declined 15.7% to $163.3 million, primarily due to softening in Construction and Agriculture demand and lower Class 8 Heavy Truck builds. The company reported a Q4 operating loss of $5.3 million and net loss of $35.0 million, including a $28.8 million non-cash tax valuation allowance.

For full-year 2024, revenue decreased 13.4% to $723.4 million. The company secured new business wins worth $97 million, mainly in the Electrical Systems segment. CVG completed strategic portfolio actions, including the sale of its Industrial Automation business in October 2024, and is shifting production to lower-cost facilities in Morocco and Mexico.

Looking ahead to 2025, CVG announced a reorganization into three operating divisions: Global Electrical Systems, Global Seating, and Trim Systems and Components. The company expects North American Class 8 truck production to reach 316,000 units in 2025, down from 332,382 units in 2024, while Construction and Agriculture markets are projected to decline 5-10%.

Commercial Vehicle Group (CVGI) has scheduled its fourth quarter and full year 2024 earnings conference call for March 11, 2025, at 8:30 a.m. ET. The company will release its financial results and presentation materials before the call.

Investors can join via phone using conference code 45919: toll-free at (800) 549-8228 or internationally at (289) 819-1520. The webcast will be available through CVG's investor relations website at ir.cvgrp.com and archived for one year. A replay will be accessible until March 25, 2025, via toll-free (888) 660-6264 or (289) 819-1325 for North America and other locations.

Commercial Vehicle Group (CVGI) has appointed Scott Reed as Chief Operating Officer, effective February 13, 2025. Reed brings over 30 years of experience in industrial and manufacturing organizations and will oversee global manufacturing and supply chain operations. He previously served as President of Arrow Tru-Line Inc. and held leadership roles at several manufacturing companies.

As part of his compensation package, Reed received inducement equity awards including 58,331 shares of time-vesting restricted stock and 87,497 performance shares. The company also announced the departure of Don Fishel, President of Trim Systems and Components, after 14 years of service. CFO Andy Cheung will temporarily oversee the Trim Systems and Components business while a search for a permanent leader is conducted.

Commercial Vehicle Group (CVGI) has announced a major organizational restructuring effective January 1, 2025. The company will reorganize into three operating divisions: Global Electrical Systems, Global Seating, and Trim Systems and Components. The Aftermarket & Accessories business unit will be integrated into these segments, with its portfolio distributed accordingly.

Key leadership appointments include Russell Ketteringham as President of Global Seating, Donald Fishel as President of Trim Systems and Components, and Peter Lugo continuing to lead Electrical Systems. This restructuring follows CVG's 2024 initiatives to streamline operations and reduce costs. The company expects the new structure to enhance market focus and operational efficiency while reducing corporate and administrative costs.

CVG will begin reporting under this new segment structure from Q1 2025, with historical quarterly segment results to be provided.

Commercial Vehicle Group (CVGI) has announced the election of Jeffrey S. Niew as an independent director to its Board, effective December 16, 2024. Niew, 58, currently serves as President & CEO of Knowles , a global leader in engineered semiconductor and electronic component solutions. His extensive experience includes leading Knowles' spin-off from Dover to NYSE in 2014, previous roles at Littelfuse and Hewlett-Packard, and serving as a member of the University of Illinois College of Engineering Advisory Board. Board Chair Robert Griffin highlighted Niew's valuable experience with multi-unit operations and leadership of large organizations as key assets for CVG's future direction.

Woodson Equity has acquired First Source Electronics from Commercial Vehicle Group (NASDAQ: CVGI). First Source Electronics specializes in automation solutions for warehouses and industrial sectors, offering control panels, electro mechanical systems, and cable assemblies. The company's patented micro fulfillment solution, STACC, utilizes AI technology for warehouse automation. The acquisition aligns with Woodson Equity's strategic focus on corporate carveouts and industrial services. Both companies are committed to ensuring a smooth transition for customers, suppliers, and employees.

Commercial Vehicle Group (CVG) announced the immediate resignation of Carlos Jimenez, Executive Vice President, Global Operations and Supply Chain, due to personal reasons. Jimenez's departure is not linked to any company concerns. In response, CVG has initiated a comprehensive search for a permanent replacement. During this interim period, James Ray, the President and CEO, will oversee Global Operations and Supply Chain responsibilities.

CVG reported third quarter 2024 financial results with revenues of $171.8 million, down 15.3% year-over-year, primarily due to softening customer demand. The company posted a net loss from continuing operations of $0.9 million, or $(0.03) per share, compared to net income of $4.7 million in the prior year. Adjusted EBITDA was $4.3 million, down 64.8%, with a margin of 2.5%. The company revised its full-year 2024 outlook, projecting net sales of $710-$740 million and adjusted EBITDA of $20-$25 million. CVG completed the sale of its Cab Structures and Industrial Automation businesses as part of strategic portfolio actions.