NEW ALBANY, Ohio - Commercial Vehicle Group Inc. (NASDAQ: NASDAQ:CVGI), an industrial products and services company, announced today that Jeffrey S. Niew has been elected as an independent director to its Board of Directors, effective December 16, 2024. Niew brings extensive experience from his tenure as President & CEO of Knowles (NYSE:KN) Corporation, a provider of semiconductor and electronic components solutions.
Niew's career includes leadership roles at Knowles Corporation, where he has served as CEO since 2013. He played a pivotal role in the company's spin-off from Dover Corporation (NYSE:DOV) in 2014, becoming a publicly traded entity on the NYSE. His background also includes positions at Dover Communication Technologies, Littelfuse (NASDAQ:LFUS), Inc., and Hewlett-Packard Company (NYSE:HPQ), where he contributed to product management, sales, and engineering.
Robert Griffin, Chair of the Board, expressed the Board's enthusiasm for Niew's appointment, highlighting his multi-regional operational experience and leadership of a large, dispersed organization as valuable assets to the Board. Niew, honored by his election, is set to stand for re-election at CVG's 2025 Annual Meeting of Stockholders.
CVG specializes in providing solutions for design, engineering, and manufacturing challenges, aiming to create positive change for its customers and communities. The company generated $913 million in revenue over the last twelve months, though InvestingPro analysis reveals several key factors affecting its performance, with 14+ additional insights available to subscribers. Further information about the Company and its offerings can be found at www.cvgrp.com.
This announcement is based on a press release statement from Commercial Vehicle Group, Inc.
In other recent news, Commercial Vehicle Group Inc. (CVGI) disclosed third-quarter results, indicating decreased demand in key segments and operational challenges. The company's third-quarter revenue dropped to $171.8 million, accompanied by a net loss of $0.9 million. Despite these struggles, CVGI has implemented strategic measures to improve operations and position itself for future growth. These measures include leadership changes, restructuring efforts, and a reduction in debt by $13 million following the sale of non-core segments.
New business wins in the third quarter amounted to $18 million, with year-to-date wins totaling $95 million. CVGI anticipates a challenging market environment with a decline in Class 8 heavy truck volumes over the next two years, followed by a rebound in 2026. The company has revised its 2024 revenue and adjusted EBITDA guidance downwards to $710 million to $740 million and $20 million to $25 million, respectively.
These recent developments underline CVGI's commitment to overcoming current challenges and setting the stage for future success. The company is focused on improving operational efficiencies and expanding margins, with leadership changes expected to make a near-term impact.
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