NORTHVILLE, Mich., Nov. 17, 2016 /PRNewswire/ -- Gentherm
Incorporated (NASDAQ-GS:THRM), the global market leader and
developer of innovative thermal management technologies, announced
today that Chairman of the Board, Oscar B.
Marx, III, has informed the Company's Board of Directors of
his intention to retire from the Board at the end of his current
term, on the date of the 2017 annual meeting of shareholders which
is expected to be held in May
2017.
Mr. Marx has served as Chairman since 1999 and held the position
of Interim Chief Executive Officer from October 2001 to March
2003. "The positive impact Bud
Marx has had on Gentherm cannot be overstated," said
Daniel R. Coker, President and Chief
Executive Officer. "Under Bud's leadership, Gentherm has
grown from essentially a start-up to a multi-national organization
of more than 11,000 employees and almost $1
billion in revenue. Bud's ability to inspire others
and his tireless work as the leader of our organization will be
missed."
The Board of Directors unanimously agreed to appoint
Francois Castaing as the new
Chairman of the Board effective as of the 2017 annual meeting of
shareholders, subject to Mr. Castaing's reelection.
"It has been my privilege to lead Gentherm for 17 years," Marx
said. "I am extremely proud of what we have accomplished and I am
very confident that the Board under Francois' leadership will
continue to guide Gentherm to achievement of our strategic
objectives. Gentherm is well-positioned for the future, and
now is a good time for an orderly transition to take the company to
the next level. I will continue to follow its progress
with great interest and enthusiasm as a major shareholder.
Gentherm has been part of my family and always will be."
About Gentherm
Gentherm is a global developer and marketer of innovative thermal
management technologies for a broad range of heating and cooling
and temperature control applications. Automotive products
include actively heated and cooled seat systems and cup holders,
heated and ventilated seat systems, thermal storage bins, heated
automotive interior systems (including heated seats, steering
wheels, armrests and other components), battery thermal management
systems, cable systems and other electronic devices.
Non-automotive products include remote power generation systems,
heated and cooled furniture, patient temperature management
systems, industrial environmental test chambers and related product
testing services and other consumer and industrial temperature
control applications. The Company's advanced technology team
is developing more efficient materials for thermoelectrics and new
systems for waste heat recovery and electrical power
generation. Gentherm has more than 11,000 employees in
facilities in the U.S., Germany,
Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam. For more
information, go to www.gentherm.com.
Investor Relations Contact
investors@gentherm.com
248-308-1702
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SOURCE Gentherm Incorporated