COMMERCIAL VEHICLE GROUP, INC. (NASDAQ:CVGI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Financial Officer and Chief Accounting Officer
(b)(c) On October 2, 2020, Commercial Vehicle Group, Inc. (the “Company”) appointed Christopher H. Bohnert as Chief Financial Officer and Chief Accounting Officer effective Monday, October 19, 2020. At that time, Edmond S. Carney, the Interim Chief Financial Officer and Interim Chief Accounting Officer will cease serving as Interim Chief Financial Officer and Interim Chief Accounting Officer.
Mr. Bohnert, 54, has more than 25 years of global financial leadership experience across a wide range of industries. Mr. Bohnert was previously with Calumet Specialty Products Partners, L.P. where he served as Chief Accounting Officer and subsequently Chief Financial Officer for Finished Lubricants & Chemicals, from 2017 to October 2020. Prior to that, Mr. Bohnert served as Chief Accounting Officer of Titan International, Inc. from 2015 to 2017. From 2013 to 2015, Mr. Bohnert served as Chief Financial Officer of Silgan Plastics Corporation. From 2005 to 2012, Mr. Bohnert was Chief Financial Officer of AB Mauri Fleischmann’s. Mr. Bohnert began his career in public accounting at KPMG LLP. Mr. Bohnert holds a Bachelor of Science degree in Business Administration, Economics, and Accountancy from the University of Missouri, and a Master of Science in Accountancy from the University of South Carolina. Mr. Bohnert is also a Certified Public Accountant (Inactive status).
There are no family relationships between Mr. Bohnert and any of the directors and executive officers of the Company, nor are there transactions in which Mr. Bohnert has an interest requiring disclosure under Item 404(a) of Regulation S-K.
As part of Mr. Bohnert’s appointment as Chief Financial Officer and Chief Accounting Officer, the compensation committee of the board of directors approved compensation for Mr. Bohnert, which will consist of a base salary of $400,000, an annual bonus under the Company’s annual bonus plan as may be in effect from time to time, and a signing incentive award valued at $400,000 denominated in the form of an initial vested stock grant valued at $250,000 on or about November 2, 2020, and a second vested stock grant valued at $150,000 on or about March 15, 2021. The Company also agreed to reimburse Mr. Bohnert for documented, reasonable and customary relocation expenses up to $135,000. Mr. Bohnert will also receive equity and other long-term incentive awards under any applicable plan adopted by the Company during the term of his employment for which employees are generally eligible and will be eligible to receive annual incentive awards under the Company’s 2020 Equity Incentive Plan. The foregoing description of the terms of the offer to Mr. Bohnert is not complete, and is qualified in its entirety by reference to the full text of Mr. Bohnert’s offer letter, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference. The terms of Mr. Bohnert’s employment will be set forth in an agreement between Mr. Bohnert and the Company.
Item 8.01. Other Events.
On October 5, 2020, the Company issued a press release announcing the appointment of Chief Financial Officer and Chief Accounting Officer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Commercial Vehicle Group, Inc. Exhibit
EX-10.1 2 ex10-1cbohnertofferlet.htm EX-10.1 DocumentExhibit 10.1 October 5,…
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About COMMERCIAL VEHICLE GROUP, INC. (NASDAQ:CVGI)
Commercial Vehicle Group, Inc. is a supplier of a range of cab-related products and systems. The Company operates through two segments: the Global Truck and Bus Segment (GTB Segment) and the Global Construction and Agriculture Segment (GCA Segment). The GTB Segment manufactures and sells products, which include Seats, Trim, sleeper boxes, cab structures, structural components and body panels, and mirrors and wiper systems. The GCA Segment manufactures and sells the products, which include Electronic wire harness assemblies and Seats, Wiper systems, Office seating, and Aftermarket seats and components. It supplies products for the commercial vehicle market, including the medium-and heavy-duty truck market, the medium-and heavy-construction vehicle market, and the military, bus, agriculture, mining, industrial equipment and off-road recreational markets. It has manufacturing operations in the United States, Mexico, the United Kingdom, Czech Republic, Ukraine, China, India and Australia.
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