CVG Announces CEO Transition and Reaffirms 2023 Outlook and Long-Term Strategy

About this update from Commercial Vehicle Group, Inc.

[{"type":"text","content":"NEW ALBANY, Ohio, May 09, 2023 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI), a diversified industrial products and services company, announced yesterday that Harold Bevis is resigning from his role as President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors (the “Board”) effective May 19, 2023 to become chief executive officer of another company. Mr. Bevis’ resignation did not result from any disagreement with the Company on any matter, including any matter relating to its operations, policies or practices. Robert C. Griffin, the Chairman of the Board, is expected to be elected by the Board as the Company’s interim President and Chief Executive Officer, effective May 19, 2023. Mr. Griffin along with the Board of Directors has served as a Director since 2005 and has worked closely alongside Harold in designing and implementing the Company’s strategy. “Harold has set CVG on the right path for future growth and we’re grateful for his contributions,” Mr. Griffin said. “The board and I are eager now to find the right leader who will continue our momentum as a business and drive us into the future.” Mr. Griffin will serve as interim President and Chief Executive Officer until his successor is chosen. The Company is in the process of conducting a comprehensive search for a permanent President and Chief Executive Officer and will name Mr. Griffin’s successor at the completion of the search. In announcing the management changes noted above, the Company today reaffirmed its commitment to its strategic goals and improvement in its results for 2023. As disclosed in its first quarter results and discussed on its first quarter conference call on May 4, 2023, the Company: will continue its focus on price and cost which allowed it to deliver significant margin expansion in the first quarter;believes its first quarter margin performance is sustainable for fiscal 2023 given the current vehicle production outlook;believes based on the current revenue run rate, combined with new wins that are still ramping up, it is on track to deliver its 2027 revenue target of $1.5 billion; andwill continue to focus on price and inflation management, and cost reduction as it works toward achieving a 9% EBITDA margin target by 2027. Mr. Griffin stated, “The Board is pleased with the Company’s first quarter performance and ...

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