Gentherm Announces CEO Succession in 2025
Bill Presley, Vice-Chairman and COO of Aptiv PLC
to become President and CEO, and Board Director, as of January 1, 2025
Phil Eyler to Remain as an Advisor to Gentherm through June 30, 2025
NORTHVILLE, Mich., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced its planned CEO succession, effective January 1, 2025.
Gentherm's current President and Chief Executive Officer, Phillip Eyler, will be succeeded by William ("Bill") Presley, who currently serves as Vice Chairman and Chief Operating Officer of Aptiv PLC, and will become the next President and CEO of Gentherm. Mr. Presley will also be appointed by the Board to fill the vacancy following Mr. Eyler's resignation from the Board. Mr. Eyler has agreed to remain as an advisor to Mr. Presley and the company through June 30, 2025.
Phil Eyler said, "As part of a planful succession process initiated approximately a year ago, the Board of Directors and I agreed to a transition plan that would allow me to pursue new professional interests and opportunities and serve the best interest of the company for the next phase of growth for Gentherm. Over the past year, I supported the Board and its committees as well as its advisors in its process to identify and select an industry professional uniquely qualified to lead Gentherm in its next phase of growth. I look forward to working closely with Bill as he transitions into his new role beginning in January."
Ronald Hundzinski, Non-Executive Chairman of the Board, said, "On behalf of the Board of Directors and the entire global Gentherm team, I would like to personally thank Phil for his seven years of extraordinary leadership and contributions to the company. Over that timeframe, Phil implemented the company's Focused Growth strategy and led the repositioning of the company's business lines. He nourished innovation and expanded the business through acquisitions, positioning the company to set records for new business awards and revenue as well as expand operating margins through Fit for Growth programs and return capital to shareholders. We appreciate Phil's willingness to continue to serve the company through the transition period."
Mr. Hundzinski continued, "We are pleased to welcome Bill Presley as the new President and CEO of Gentherm, as well as to appoint him to the Board. Bill has over 30 years of experience in roles of increasing responsibilities at Chrysler Corporation, Lear Corporation and, currently, as Vice-Chairman and Chief Operating Officer of Aptiv PLC. Aptiv is a designer, developer and manufacturer of software and hardware solutions for automotive safety features, electrified architectures, and intelligent connectivity with revenue of over $20 billion. As a recognized leader in the industry and an engineer by training, as well as a holder of multiple patents in the automotive industry, Bill possesses exceptionally deep automotive general management, engineering and manufacturing expertise. Bill has a proven track record of driving growth in core and adjacent markets both organically and inorganically. Furthermore, his operational knowledge enables him to help teams create cultures that expand margins through efficient execution in every phase of product creation, manufacturing and delivery. Importantly, Bill was the unanimous choice by our Board to be the next leader for Gentherm."
Incoming CEO Bill Presley said, "I am honored to have been selected as the new President and CEO of Gentherm, and look forward to serving on the Board. As the clear global leader in thermal management, pneumatic systems and comfort solutions in the automotive industry and a leader in medical patient temperature management systems, Gentherm is exceptionally well positioned for continued growth. In fact, I believe that the company is just at the cusp of a new growth wave, driven by strong business wins in core products and several new innovations, such as ClimateSense$(R)$ , Puls.A$(TM)$ and ComfortScale(TM), as well as new program launches. Gentherm has an amazing culture of innovation backed by a workforce that proudly believes in the value that Gentherm offers to users of Gentherm technology. I look forward to working with the Board and the global Gentherm team to drive shareholder value."
Mr. Eyler concluded, "I would like to take this opportunity to thank the Board of Directors for working closely and collaboratively with me over my time at Gentherm. I would also like to extend my heartfelt appreciation to everyone at Gentherm who have all worked tirelessly to drive innovation, support our customers, win new business, enhance our profitability and create a thriving culture. It has been an extraordinary journey for me, for which I am deeply thankful."
The company also noted that the Board, Mr. Eyler and Mr. Presley are partnering to select the company's new Chief Financial Officer. The selection process for the next CFO is proceeding effectively, and the company anticipates naming a new CFO in the near future.
Investor Contact
Gregory Blanchette
investors@gentherm.com
248.308.1702
Media Contact
Melissa Fischer
media@gentherm.com
248.289.9702
About Gentherm
Gentherm $(THRM)$ is the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, 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 more than 14,000 employees in facilities in the United States, Germany, China, Czech Republic, Hungary, Japan, Malta, Mexico, Morocco, North Macedonia, South Korea, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.
Forward-Looking Statements
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. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) 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 but not limited to:
-- macroeconomic, geopolitical and similar global factors in the cyclical
Automotive industry;
-- increasing U.S. and global competition, including with non-traditional
entrants;
-- our ability to effectively manage new product launches and research and
development, and the market acceptance of such products and technologies;
-- the evolution and recent challenges of the automotive industry towards
electric vehicles, autonomous vehicles and mobility on demand services,
and related consumer behaviors and preferences;
-- our ability to convert automotive new business awards into product
revenues;
-- the recent supply-constrained environment, and inflationary and other
cost pressures;
-- the production levels of our major customers and OEMs in our key markets
and sudden fluctuations in such production levels;
-- our business in China, which is subject to unique operational,
competitive, regulatory and economic risks;
-- our ability to attract and retain highly skilled employees, including
executives, and wage inflation;
-- a tightening labor market, labor shortages or work stoppages impacting us,
our customers or our suppliers, such as recent labor strikes among
certain OEMs and suppliers;
-- our achievement of product cost reductions to offset customer-imposed
price reductions or other pricing pressures;
-- our product quality and safety and impact of product safety recalls and
alleged defects in products;
-- our ability to integrate our recent acquisitions and realize synergies,
as well as to consummate additional strategic acquisitions, investments
and exits, and achieve planned benefits;
-- any security breaches and other disruptions to our information technology
networks and systems, as well as privacy, data security and data
protection risks;
-- the impact of our global operations, including our global supply chain,
operations within Ukraine, economic and trade policies, and foreign
currency and exchange risk;
-- any loss or insolvency of our key customers and OEMs, or key suppliers;
-- our efforts to optimize our global supply chain and manufacturing
footprint, including near-term expense headwinds from new facilities;
(MORE TO FOLLOW) Dow Jones Newswires
November 08, 2024 06:30 ET (11:30 GMT)
Comments