CVG Appoints Scott Reed as Chief Operating Officer
Commercial Vehicle Group (CVGI) has appointed Scott Reed as Chief Operating Officer, effective February 13, 2025. Reed brings over 30 years of experience in industrial and manufacturing organizations and will oversee global manufacturing and supply chain operations. He previously served as President of Arrow Tru-Line Inc. and held leadership roles at several manufacturing companies.
As part of his compensation package, Reed received inducement equity awards including 58,331 shares of time-vesting restricted stock and 87,497 performance shares. The company also announced the departure of Don Fishel, President of Trim Systems and Components, after 14 years of service. CFO Andy Cheung will temporarily oversee the Trim Systems and Components business while a search for a permanent leader is conducted.
Commercial Vehicle Group (CVGI) ha nominato Scott Reed come Chief Operating Officer, con effetto dal 13 febbraio 2025. Reed porta con sé oltre 30 anni di esperienza in organizzazioni industriali e manifatturiere e supervisionerà le operazioni globali di produzione e della catena di approvvigionamento. In precedenza, ha ricoperto il ruolo di Presidente di Arrow Tru-Line Inc. e ha avuto ruoli dirigenziali in diverse aziende manifatturiere.
Come parte del suo pacchetto di compenso, Reed ha ricevuto premi azionari di indennizzo, tra cui 58.331 azioni di stock a tempo e 87.497 azioni legate alle performance. L'azienda ha anche annunciato la partenza di Don Fishel, Presidente di Trim Systems and Components, dopo 14 anni di servizio. Il CFO Andy Cheung supervisionerà temporaneamente il business di Trim Systems and Components mentre viene condotta una ricerca per un leader permanente.
Commercial Vehicle Group (CVGI) ha nombrado a Scott Reed como Director de Operaciones, con efecto a partir del 13 de febrero de 2025. Reed aporta más de 30 años de experiencia en organizaciones industriales y de manufactura y supervisará las operaciones globales de fabricación y cadena de suministro. Anteriormente, se desempeñó como Presidente de Arrow Tru-Line Inc. y ocupó roles de liderazgo en varias empresas manufactureras.
Como parte de su paquete de compensación, Reed recibió premios de acciones de inducción que incluyen 58,331 acciones de acciones restringidas por tiempo y 87,497 acciones de rendimiento. La compañía también anunció la salida de Don Fishel, Presidente de Trim Systems and Components, después de 14 años de servicio. El CFO Andy Cheung supervisará temporalmente el negocio de Trim Systems and Components mientras se busca un líder permanente.
상업용 차량 그룹 (CVGI)는 스콧 리드를 최고 운영 책임자로 임명했으며, 이는 2025년 2월 13일부터 효력이 발생합니다. 리드는 산업 및 제조 조직에서 30년 이상의 경험을 보유하고 있으며, 글로벌 제조 및 공급망 운영을 감독할 것입니다. 그는 이전에 Arrow Tru-Line Inc.의 사장을 역임했으며 여러 제조 회사에서 리더십 역할을 수행했습니다.
보상 패키지의 일환으로, 리드는 58,331주의 시간 제한 주식과 87,497주의 성과 주식을 포함한 유도 주식 보상을 받았습니다. 회사는 또한 14년 간의 서비스 후 Trim Systems and Components의 사장인 돈 피셀이 퇴사한다고 발표했습니다. CFO 앤디 청은 영구적인 리더를 찾는 동안 Trim Systems and Components 비즈니스를 임시로 감독할 것입니다.
Commercial Vehicle Group (CVGI) a nommé Scott Reed au poste de Directeur des opérations, à compter du 13 février 2025. Reed apporte plus de 30 ans d'expérience dans des organisations industrielles et manufacturières et supervisera les opérations de fabrication et de chaîne d'approvisionnement à l'échelle mondiale. Auparavant, il a été Président d'Arrow Tru-Line Inc. et a occupé des postes de direction dans plusieurs entreprises de fabrication.
Dans le cadre de son package de rémunération, Reed a reçu des attributions d'actions d'incitation, dont 58 331 actions de stock restreint à vesting temporel et 87 497 actions de performance. L'entreprise a également annoncé le départ de Don Fishel, Président de Trim Systems and Components, après 14 ans de service. Le CFO Andy Cheung supervisera temporairement l'activité de Trim Systems and Components pendant qu'une recherche pour un leader permanent est menée.
Commercial Vehicle Group (CVGI) hat Scott Reed zum Chief Operating Officer ernannt, wirksam ab dem 13. Februar 2025. Reed bringt über 30 Jahre Erfahrung in Industrie- und Fertigungsorganisationen mit und wird die globalen Fertigungs- und Lieferkettenoperationen überwachen. Zuvor war er Präsident von Arrow Tru-Line Inc. und hatte Führungspositionen in mehreren Fertigungsunternehmen inne.
Im Rahmen seines Vergütungspakets erhielt Reed Anreize in Form von Aktien, darunter 58.331 Aktien von zeitlich gebundenen Stammaktien und 87.497 leistungsabhängige Aktien. Das Unternehmen gab auch die Abkehr von Don Fishel, Präsident von Trim Systems and Components, nach 14 Jahren Dienstzeit bekannt. CFO Andy Cheung wird vorübergehend die Geschäfte von Trim Systems and Components leiten, während nach einem dauerhaften Leiter gesucht wird.
- Appointment of experienced COO with 30+ years in industrial and manufacturing
- Performance-based compensation structure aligning with shareholder interests
- Seamless interim leadership arrangement for Trim Systems division
- Departure of long-term executive Don Fishel after 14 years
- Additional responsibilities for CFO could impact focus on financial operations
NEW ALBANY, Ohio, Feb. 13, 2025 (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 Scott Reed as Chief Operating Officer, effective February 13, 2025. Mr. Reed comes to CVG with more than 30 years of diverse business and leadership experience in industrial and manufacturing organizations.
In his new role, Mr. Reed will oversee the global manufacturing and supply chain operations of the company, driving operational excellence and strengthening cross-functional alignment across planning and execution, ensuring that our operational processes are aligned with our strategic goals. He will report to James Ray, President and CEO of CVG, and serve on the executive leadership team.
“We are thrilled to welcome Scott to our executive leadership team,” said Mr. Ray. “His extensive background in operations and strategic leadership aligns perfectly with our mission to optimize our business operations and enhance our value proposition. We believe Scott’s vision and expertise will accelerate our growth and help us to deliver outstanding results.”
Before joining CVG, Mr. Reed served as President of Arrow Tru-Line Inc., the largest manufacturer and supplier of structural hardware components to the North American residential and commercial overhead garage door market. He also held operations leadership roles at Peterson Spring, Unique Fabricating, Inc., GT Technologies, Inc. and Lear Corporation. He is recognized for his ability to deliver year-over-year success in achieving operational, profit, and business growth objectives, as well as building, motivating, and leading culturally diverse worldwide operating teams.
“I am excited to join CVG and look forward to working with the team to drive continued operational excellence across our global operations footprint,” said Mr. Reed. “I am confident that together we will continue to strengthen the company’s position in the market and achieve success.”
Mr. Reed holds a bachelor’s degree in business administration from Cleary University.
As a material inducement to Mr. Reed joining the Company, the Compensation Committee of the Board of Directors approved the grant of the following inducement equity awards (collectively, the Inducement Awards), granted outside the Company’s stockholder-approved 2020 equity incentive plan: (i) 58,331 shares of time-vesting restricted stock, which will vest ratably on March 31, 2026, 2027 and 2028; and (ii) 87,497 performance shares, that will vest and be paid in cash if performance metrics are met, aligning the interests of Mr. Reed with the interests of the Company’s shareholders.
In addition to welcoming Mr. Reed, the Company is announcing the departure of Don Fishel, President, Trim Systems and Components, after 14 years with CVG. “We are grateful for Don’s leadership and contributions during his time at CVG,” said Mr. Ray. “He played an integral role in CVG’s growth and success, and we wish him well in his future endeavors. We are confident that the leadership team will continue to drive our company forward as we execute our vision and strategy."
We expect to conduct a search for a new permanent leader for our Trim Systems and Components business. In the interim, Andy Cheung will oversee the Trim Systems and Components business, in addition to his current CFO responsibilities.
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:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com
Media Contact:
Patrick Woolford
Director, Communications
Patrick.Woolford@cvgrp.com
FAQ
When will Scott Reed start as COO of CVGI?
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