CVG Announces New Structure to Support Market-Focused Strategy

Core Viewpoint - Commercial Vehicle Group (CVG) has announced a new organizational structure aimed at enhancing alignment with customers and end markets, effective January 1, 2025 [1] Group 1: Organizational Changes - CVG will reorganize its vertical business units into three operating divisions and reporting segments [2] - The Aftermarket & Accessories business unit will be integrated into the three new segments, with its seating and electrical portfolios transitioning to Global Seating and Global Electrical Systems, respectively [3] - Wiper systems will be included in the newly formed Trim Systems and Components business unit, alongside trim and components from the previous Vehicle Solutions segment [3] Group 2: Leadership Appointments - Russell Ketteringham will lead the seating business as President of Global Seating, transitioning from his previous role as President of Global Vehicle Solutions [4] - Donald Fishel will head the new Trim Systems and Components business as President, while also managing Business Development responsibilities [4] - Peter Lugo will continue to lead the Electrical Systems segment [4] Group 3: Strategic Objectives - The new structure is expected to enhance clarity and focus, allowing each business unit to meet specific strategic and operational objectives [5] - CVG aims to lower corporate and administrative costs to align with its current revenue profile while positioning itself for future growth [5] - The transformation is intended to create a more agile company that prioritizes customers and markets, with expectations of accelerating operational momentum and driving higher growth [6] Group 4: Reporting Changes - CVG plans to report results under the new segment structure starting with the first quarter of 2025, including historical quarterly segment results at that time [6]