Gentherm Appoints Steve Fletcher as Senior Vice President and General Manager of its Medical Business
January 04 2021 - 8:00AM
Gentherm (NASDAQ:THRM), the global market leader and developer of
innovative thermal management technologies, today announced that
Steve Fletcher has joined the Company as Senior Vice President and
General Manager of its Medical business.
In this position, Fletcher will lead Gentherm’s global Medical
business. He will be responsible for profitable growth, developing
and launching new products, and continuing to drive synergies with
the Company’s Automotive product lines. Fletcher will report to
Gentherm’s President and CEO Phil Eyler.
“I am excited that Steve is joining our executive management
team. His extensive experience in the medical technology industry
and strong leadership skills are exactly what Gentherm needs to
propel profitable growth in our Medical business,” said Eyler.
“Steve has a proven track record of achieving accelerated growth
and transformation on a global scale. I am confident that he will
expand our industry leadership through our advancements in patient
temperature management solutions.”
Fletcher comes to Gentherm from C2 Sense, a Massachusetts
Institute of Technology spin-off, where he was the Executive Vice
President, Halo Diagnostics. In this role, he led the Company’s
transition to Medical Diagnostics through the development of a
COVID-19 point-of-care home diagnostics solution. Prior to that, he
held senior leadership roles as President and Chief Commercial
Officer at Mologic Inc., President and Chief Operating Officer at
GC America, and Vice President and General Manager, Water Analysis
Instruments at Thermo Fisher Scientific. Fletcher began his career
with 3M Corporation where he held positions of increasing
responsibility.
Fletcher earned a Bachelor of Science degree in Urban and
Economic Geography from the University of Victoria and a Post
Graduate Diploma in Marketing Management from the British Columbia
Institute of Technology. He also holds a Six Sigma green belt from
3M Corporation.
Investor ContactYijing
Brentanoinvestors@gentherm.com248.308.1702
Media ContactMelissa
Fischermedia@gentherm.com248.289.9702
About GenthermGentherm (NASDAQ:THRM) 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
variable temperature Climate Control Seats, heated automotive
interior systems (including heated seats, steering wheels, armrests
and other components), battery thermal management systems, cable
systems and other electronic devices. Medical products include
patient temperature management systems. The Company is also
developing a number of new technologies and products that will help
enable improvements to existing products and to create new product
applications for existing and new markets. Gentherm has over 11,000
employees in facilities in the United States, Germany, Canada,
China, Hungary, Japan, South Korea, North Macedonia, Malta, Mexico,
United Kingdom, Ukraine, and Vietnam. For more information, go to
www.gentherm.com.
Except for historical information contained herein, statements
in this release are forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
represent Gentherm Incorporated's goals, beliefs, plans and
expectations about its prospects for the future and other future
events. The forward-looking statements included in this release are
made as of the date hereof or as of the date specified herein and
are based on management's reasonable expectations and beliefs. Such
statements are subject to a number of important assumptions, risks,
uncertainties and other factors that may cause actual results or
performance to differ materially from that described in or
indicated by the forward-looking statements, including that: the
COVID-19 pandemic and its direct and indirect adverse impacts on
the automobile and medical industries and global economy has, and
will continue to have, an adverse effect on, among other things,
the Company’s results of operations, financial condition, cash
flows, liquidity, business operations and stock price; future
borrowing availability under the Company’s revolving credit
facility is subject to compliance with covenants thereunder, and
the deterioration of the Company’s financial performance during
2020 (including consolidated EBITDA) due to COVID-19 has caused the
borrowing availability to be, and it may continue to be,
substantially less than the full amount of revolving credit
facility; the Company’s failure to be in compliance with covenants
under its debt agreements due to COVID-19 or otherwise could result
in an event of default thereunder, and if the lenders thereunder do
not agree to amend or waive, the amounts outstanding under its debt
agreements may be accelerated and may become immediately due and
payable; additional financing by accessing the capital markets may
not be available on acceptable terms, if at all, and additional
indebtedness may harm the Company’s financial position and impact
the Company’s ability to comply with covenants under its debt
agreements; the Company may not realize the expected benefits from
any restructuring initiatives it may pursue as a result of the
effects of COVID-19 or otherwise; declines in automobile production
may have an adverse impact; sales may not increase and the
projected future sales volumes on which the Company manages its
business may be inaccurate; new business awards may be limited due
to COVID-19 and related uncertainties, may not be converted into
product revenues and our projections thereof are not updated after
the date initially communicated to us by customers, including for
the impact of COVID-19 on future business; new or improved
competing products may be developed by competitors with greater
resources; customer preferences may shift, including due to the
evolving use of automobiles and technology; the Company may lose
suppliers or customers; market acceptance of the Company’s existing
or new products may decrease; currency exchange rates may change
unfavorably; pricing pressures from customers may increase; the
macroeconomic environment may present adverse conditions; new
products may not be feasible; work stoppages impacting the Company,
its suppliers or customers, due to labor matters, civil or
political unrest, infectious diseases and epidemics or other
reasons, could harm the Company’s operations; free trade agreements
have recently been, and may in the future be, altered or additional
tariffs may be implemented; customers may not accept pass-through
of tariff costs; the Company may be unable to protect its
intellectual property in certain jurisdictions; there may be
manufacturing or design defects or other quality issues with the
Company’s products; the Company may be unable to effectively
implement ongoing restructuring and other cost-savings measures or
realize the full amount of estimated savings; the Company’s
business may be harmed by security breaches and other disruptions
to its IT systems; the Company may be unable to comply with or may
incur increased costs associated with complying with domestic and
international regulations, which could change in an unfavorable
manner; and other adverse conditions in the industries in which the
Company operates may negatively affect its results.
The foregoing risks should be read in conjunction with the
Company's filings with the Securities and Exchange Commission (the
“SEC”), including “Risk Factors”, in its most recent Annual Report
on Form 10-K and subsequent SEC filings, for a discussion of these
and other risks and uncertainties. In addition, the business
outlook discussed in this release does not include the potential
impact of any business combinations, acquisitions, divestitures,
strategic investments and other significant transactions that may
be completed after the date hereof, each of which may present
material risks to the Company’s business and financial results.
Except as required by law, the Company expressly disclaims any
obligation or undertaking to update any forward-looking statements
to reflect any change in its expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statement is based.
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