COMMERCIAL VEHICLE GROUP, INC.

(CVGI)
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CVG Announces New Chief Commercial Officer

12/02/2021 | 07:31am EDT

NEW ALBANY, Ohio, Dec. 02, 2021 (GLOBE NEWSWIRE) -- CVG (NASDAQ: CVGI) announced today that it has formed a new enterprise-wide global leadership position of Chief Commercial Officer (“CCO”) and has appointed Rich Tajer as its first CCO. Rich Tajer will also continue to be Business Leader of Electrical Systems. In this expanded role, Mr. Tajer will continue to report to Harold Bevis, President and Chief Executive Officer.

As Chief Commercial Officer, Mr. Tajer will provide leadership in several areas including:

  • Leadership and program management for multiple CVG new-to-company customer accounts, especially in Electric Vehicles and Automated Warehousing;
  • Directing the global sales team in its bi-weekly organic growth program reviews; and
  • Helping set product development agendas, and clarifying value-added propositions.

Harold Bevis commented, “CVG has had remarkable success in achieving new business with many new customers and many new products in the last 21 months. We have landed over 250 new business awards, with over 60 customers, and we estimate business already secured will grow to be approximately two hundred million in revenue per year, when fully ramped up. This mission continues, we are still vibrantly committed to winning new targeted business, and we have a pipeline that is greater than $1 billion today to draw upon.”

“Many people are involved with this success, and we expect to add to our new business awards, refine our targeting, invest in leading edge operational processes, and increase the value of our product offering. Rich has been pivotal in many of our big wins to-date, and this is a logical leadership advancement for him and for CVG. Rich is a proven leader and integral to our success in driving growth and expansion into new markets including electric vehicles, which can be seen in our current involvement with more than 40 electric vehicle opportunities globally.”

Mr. Tajer remarked, “I am excited to leverage my experience in electronics engineering, sales and product management as we strive to deliver sustainable and profitable revenue growth. I look forward to collaborating with our multiple global commercial teams as we drive innovation in our products, solutions and brands. We are off to a fast start and committed to diversifying our sales mix with higher value products, new vehicle platforms, and new CVG solutions. We will continue to partner with customers where we bring value to the relationship with our products, solutions and systems. As a first step for me, we have over 100 new programs launching over the next 12 months and this is a new era for CVG.”

For further information, please contact IR@CVGRP.com.

About CVG

CVG is a global provider of components, assemblies and systems to the commercial vehicle market, the electric vehicle market, and the warehouse automation market. Information about the Company and its products is available on the internet at www.cvgrp.com.

Investor Contact

Christopher Bohnert, Chief Financial Officer
CVG
IR@CVGRP.com


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Source: Commercial Vehicle Group, Inc.

2021 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2022 997 M - -
Net income 2022 24,6 M - -
Net Debt 2022 102 M - -
P/E ratio 2022 8,25x
Yield 2022 -
Capitalization 204 M 204 M -
EV / Sales 2022 0,31x
EV / Sales 2023 0,24x
Nbr of Employees 7 300
Free-Float 90,4%
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Number of Analysts 1
Last Close Price 6,19 $
Average target price 15,00 $
Spread / Average Target 142%
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Managers and Directors
Harold C. Bevis President, Chief Executive Officer & Director
Christopher H. Bohnert Chief Financial Officer
Robert C. Griffin Chairman
Jeffrey M. Tritapoe Senior Vice President-Operations
Aneezal H. Mohamed Secretary & Chief Legal Officer
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