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    Commercial Vehicle Group Announces New Executive Appointments to Accelerate Performance

    10/31/24 4:30:00 PM ET
    $CVGI
    Auto Parts:O.E.M.
    Consumer Discretionary
    Get the next $CVGI alert in real time by email

    NEW ALBANY, Ohio, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (the "Company" or "CVG") (NASDAQ:CVGI), a diversified industrial products and services company, is pleased to announce the appointment of two leaders to its executive leadership team. Peter Lugo joins the Company as President of our Electrical Systems segment, effective November 1, 2024. Mr. Lugo succeeds Richard Tajer, who will remain an employee of the Company until December 31, 2024. In addition, Carlos Jimenez has joined as Executive Vice President, Global Operations and Supply Chain. These appointments support CVG's goals of growing its Electrical Systems business and improving overall operational execution, respectively. Both executives will report to James Ray, President and Chief Executive Officer of CVG.

    To reinvigorate growth in its Electrical Systems segment, Mr. Lugo is accountable for day-to-day oversight of the electrical business with emphasis on the development and execution of commercial, engineering, and product management strategies while partnering with the operations team to achieve operational and financial goals. He most recently held the role of Senior Vice President, Electrical Products & Engineered Solutions at Southwire, where he led the development and execution of the overall business strategy resulting in sustainable growth through organic and M&A activity, including five acquisitions. Prior to his work at Southwire, Mr. Lugo held progressive leadership roles at Bullard, Eaton Corp., Phillips Petroleum, Switchgear Systems, and General Electric. He holds a bachelor's degree in electrical engineering from Polytechnical University of Puerto Rico.

    To drive operational efficiencies across its manufacturing and supply network, Mr. Jimenez is responsible for the effective operation of the Company's manufacturing function, developing and executing supply chain strategies and capabilities across CVG's 20+ plant global manufacturing footprint. He most recently held the role of Vice President, Global Operations at Kennametal, Inc., where he was responsible for supply chain, operational excellence and distribution across 17 plants and 12 distribution centers. Prior to his work at Kennametal, Mr. Jimenez held progressive leadership roles at Stanley Black and Decker, Valeo Group, GKN Driveline, Mars Electronics International, Apisa and Ford Motor Company. He holds a bachelor's degree in industrial engineering and a degree in business administration, management and operations from INSEAD.

    "I extend my thanks to Rich Tajer for his leadership over the last five years. I am very pleased to welcome Peter and Carlos to the CVG executive leadership team, where they will have a critical role helping to position CVG for future success," said Mr. Ray. "I am confident that these proven executives will accelerate our efforts to navigate some of the challenges we've experienced this year and emerge stronger and more resilient than before to best serve the needs of our customers and shareholders."

    About CVG

    At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about CVG and its products is available at www.cvgrp.com.

    Investor Relations Contact:Media Contact:
    Ross Collins or Stephen PoePatrick Woolford
    Alpha IR GroupDirector, Communications
    [email protected] [email protected] 
      

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fff38466-3a03-4f86-9c6e-c97313ba833d

    https://www.globenewswire.com/NewsRoom/AttachmentNg/0157bba1-2dc4-4138-9956-17f038048965



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    Q&A

    New
    • Who has been appointed as the new President of the Electrical Systems segment at CVG?

      Peter Lugo has been appointed as the President of the Electrical Systems segment at Commercial Vehicle Group (CVG) and will start on November 1, 2024.

    • Who is the new Executive Vice President for Global Operations and Supply Chain at CVG?

      Carlos Jimenez has joined CVG as the Executive Vice President, Global Operations and Supply Chain.

    • What will be Peter Lugo's primary responsibilities as President of the Electrical Systems segment?

      Peter Lugo will be responsible for overseeing the electrical business, focusing on commercial, engineering, and product management strategies, to drive growth in the Electrical Systems segment.

    • What are Carlos Jimenez's main responsibilities as Executive Vice President, Global Operations and Supply Chain?

      Carlos Jimenez is tasked with driving operational efficiencies across CVG's global manufacturing footprint, focusing on supply chain strategies and capabilities.

    • Why is CVG making these executive appointments?

      The leadership changes are part of CVG's strategy to rejuvenate growth in its Electrical Systems segment and improve overall operational execution amid challenges faced this year.

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