Gentherm Names Aptiv's Presley to Succeed Eyler as President, CEO

Dow Jones11-08

By Colin Kellaher

Gentherm has tapped Aptiv executive William Presley to succeed Phillip Eyler as president and chief executive.

The maker of heating, cooling and ventilating devices said Friday that Presley, currently vice chairman and chief operating officer of Aptiv, will take the helm on Jan. 1 and will also join the Northville, Mich., company's board.

Gentherm said Eyler, who joined as president and CEO in 2017, will remain as an adviser through next June, and will receive severance and related benefits in accordance with a separation without cause.

The company said Presley, 55 years old, will receive a $950,000 annual base salary and an annual cash bonus with a target of 125% of his base pay. He will also receive $2.7 million in cash make-whole bonuses and $4.7 million in restricted stock units to cover compensation left on the table at Aptiv, according to a Gentherm filing with the Securities and Exchange Commission.

Aptiv late Thursday said Presley would be leaving the technology company on Nov. 22, with other members of its management team assuming his duties.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 08, 2024 06:59 ET (11:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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