Commercial Vehicle Group Appoints James Ray as President and Chief Executive Officer
December 11 2023 - 7:00AM
Commercial Vehicle Group (“CVG” or the “Company”) (NASDAQ: CVGI), a
global leader in the design and manufacturing of electrical
systems, vehicle components and accessories, plastic products and
robotic assemblies, today announced that its Board of Directors has
appointed James Ray as the Company's next President and Chief
Executive Officer. On December 20, 2023, he will replace Interim
CEO Robert Griffin, who will continue in his role as Chairman of
the Board of Directors for CVG.
The appointment of Mr. Ray follows an extensive, global search
process led by international, executive search firm Heidrick &
Struggles. The Board thanked Mr. Griffin for leading the Company
during the search for the permanent President and CEO.
Mr. Ray has served as an Independent Director on CVG’s Board
since March 2020 and will remain on the Board as a non-independent
director following his appointment as President and CEO. He also
currently serves as an Independent Director on the Boards of
Leslie’s, Inc. and Spirit AeroSystems, Inc. In addition to his
Board roles, Mr. Ray has provided consulting services to Fortune
100 companies and private equity portfolio companies. He brings
extensive global and broad-based experience in many of CVG’s key
end markets, including electrical systems. Prior to joining CVG’s
Board, Mr. Ray served as President, Engineered Fastening at Stanley
Black & Decker, Inc. where he held various global industrial
P&L and operational leadership roles from 2013 through 2020.
Prior to Stanley Black & Decker, he spent more than 25 years in
global P&L and engineering leadership roles at TE Connectivity,
Delphi, and General Motors.
Mr. Ray earned a bachelor’s degree in electrical and electronics
engineering from Howard University and a master’s degree in
manufacturing management from Kettering University.
“We have selected a world-class executive with exceptional
experience and leadership skills, and he is extraordinarily
well-suited to advance our long-term strategy and accelerate
growth,” said Mr. Griffin. “James is a trusted and
growth-oriented leader with extensive management experience in
global industries. He is the ideal candidate to lead CVG through
its next stage of growth, and we expect a very smooth leadership
transition.”
Mr. Ray said, “I am honored to be named President and CEO and
appreciate the Board's trust and support. I look forward to working
with our approximately 8,000 outstanding employees as we execute
our strategy to deliver value to our customers and
shareholders. I am excited and energized to lead this diverse
organization, a business with an impressive global footprint and
diversified product portfolio. In my time on the Board, I have only
become more convinced by the strength of CVG’s fundamentals, the
transformative strategy and our clear growth potential.”
About CVG
At CVG, we deliver real solutions to complex design, engineering
and manufacturing problems while creating positive change for our
customers, industries, and communities we serve. Information about
the Company and its products is available on the internet at
www.cvgrp.com.
Investor Relations Contact:Ross Collins or Stephen PoeAlpha IR
GroupCVGI@alpha-ir.com
Media Contact:Patrick WoolfordDirector,
CommunicationsPatrick.Woolford@cvgrp.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d9e1a8d-ecf8-45c1-89ac-759c61000820
Commercial Vehicle (NASDAQ:CVGI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Commercial Vehicle (NASDAQ:CVGI)
Historical Stock Chart
From Apr 2023 to Apr 2024