NEW ALBANY, Ohio, Oct. 5, 2020 /PRNewswire/ -- Commercial Vehicle
Group, Inc. ("CVG" or the "Company") (Nasdaq: CVGI), a diversified
industrial company, today announced the appointment of
Christopher H. Bohnert as Chief
Financial Officer and Chief Accounting Officer as of Monday, October 19, 2020.
Mr. Bohnert comes to CVG from Calumet Specialty Products
Partners, L.P. where he served as Chief Financial Officer for
Finished Lubricants & Chemicals. He has more than 25
years of global financial leadership experience across a wide range
of industries including transportation and plastics. Prior to
joining Calumet, Mr. Bohnert held positions as Chief Financial
Officer and Chief Accounting Officer with global manufacturers
including Titan International, Silgan Plastics Corporation, and AB
Mauri Fleischmann's. Mr. Bohnert started his career in public
accounting with KPMG LLP.
Mr. Bohnert holds a BS in Accountancy and a BSBA in Economics
from the University of Missouri and an
MS in Accountancy from the University of South
Carolina. His leadership experience encompasses
Finance, Accounting, Internal Audit, Investor Relations, Treasury,
Information Technology, Mergers and Acquisitions and team
rebuilding.
According to Mr. Bohnert, it is an exciting time to join
CVG. "I look forward to helping the company manage through
the current economic challenges and drive an increasingly
differentiated customer and product portfolio," he commented.
"I am excited about working with Harold and the entire CVG team to
advance our strategic growth initiatives and create value for our
shareholders."
"I am pleased to welcome Chris to CVG and have him lead the
finance function of our global organization," said Harold Bevis, President and CEO. "Chris also has
great experience in mergers, acquisitions, and capital market
financing. This will help us accelerate our activities to
expand the Company's portfolio and lessen our exposure to
heavy-duty truck markets."
About CVG
CVG, Inc. (through its subsidiaries) is a diversified industrial
company that provides seating systems, electro-mechanical
assemblies, wire harnesses, plastic parts, engineered structures,
panel assemblies, and warehouse automation subsystems for many
markets including the following: ecommerce, e-tailing, trucking,
last-mile delivery, electric vehicles, military equipment,
warehouse equipment, buses, construction equipment, agricultural
vehicles, specialty transportation vehicles, mining, industrial
equipment and off-road recreational markets. Information about CVG
and its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements often include
words such as "believe", "anticipate", "plan", "expect", "intend",
"will", "should", "could", "would", "project", "continue",
"likely", and similar expressions. In particular, this press
release may contain forward-looking statements about Company
expectations for future periods with respect to its plans to
improve financial results and enhance the Company, the future of
the Company's end markets, including the short-term and potential
longer-term impact of the COVID-19 pandemic on Class 8 and Class
5-7 North America truck build
rates and performance of the global construction equipment
business, expected cost savings, the Company's initiatives to
address customer needs, organic growth, the Company's plans to
focus on certain segments and markets and the Company's financial
position or other financial information. These statements are based
on certain assumptions that the Company has made in light of its
experience as well as its perspective on historical trends, current
conditions, expected future developments and other factors it
believes are appropriate under the circumstances. Actual results
may differ materially from the anticipated results because of
certain risks and uncertainties, including but not limited to: (i)
a material weakness in our internal control over financial
reporting which could, if not remediated, result in material
misstatements in our financial statements; (ii) future financial
restatements affecting the company; (iii) general economic or
business conditions affecting the markets in which the Company
serves; (iv) the Company's ability to develop or successfully
introduce new products; (v) risks associated with conducting
business in foreign countries and currencies; (vi) increased
competition in the medium- and heavy-duty truck markets,
construction, agriculture, aftermarket, military, bus and other
markets; (vii) the Company's failure to complete or successfully
integrate strategic acquisitions and the impact of such
acquisitions on business relationships; (viii) the Company's
ability to recognize synergies from the reorganization of the
segments; (ix) the Company's failure to successfully manage any
divestitures; (x) the impact of changes in governmental regulations
on the Company's customers or on its business; (xi) the loss of
business from a major customer, a collection of smaller customers
or the discontinuation of particular commercial vehicle platforms;
(xii) the Company's ability to obtain future financing due to
changes in the lending markets or its financial position; (xiii)
the Company's ability to comply with the financial covenants in its
debt facilities; (xiv) fluctuation in interest rates or change in
the reference interest rate relating to the Company's debt
facilities; (xv) the Company's ability to realize the benefits of
its cost reduction and strategic initiatives and address rising
labor and material costs; (xvi) volatility and cyclicality in the
commercial vehicle market adversely affecting us, including the
impact of the current COVID-19 pandemic; (xvii) the geographic
profile of our taxable income and changes in valuation of our
deferred tax assets and liabilities impacting our effective tax
rate; (xviii) changes to domestic manufacturing initiatives; (xix)
implementation of tax or other changes, by the United States or other international
jurisdictions, related to products manufactured in one or more
jurisdictions where the Company does business (xx) security
breaches and other disruptions that could compromise our
information systems; (xxi) the impact of disruptions in our
supply chain or delivery chains; (xxii) litigation against us;
(xxiii) the impact of health epidemics or widespread outbreak of
contagious disease; and (xxiv) various other risks as outlined
under the heading "Risk Factors" in the Company's Annual Report on
Form 10-K for fiscal year ending December 31, 2019 and other
filings with the Securities and Exchange Commission. There
can be no assurance that statements made in this press release
relating to future events will be achieved. The Company undertakes
no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time. All subsequent
written and oral forward-looking statements attributable to the
Company or persons acting on behalf of the Company are expressly
qualified in their entirety by such cautionary statements.
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SOURCE Commercial Vehicle Group, Inc.