Gentherm Announces Departure of its Chief Financial Officer

Rhea-AI Summary

Gentherm (NASDAQ:THRM), a leader in automotive thermal management and medical patient temperature management systems, announced the resignation of its CFO, Matteo Anversa, effective September 1, 2024. Anversa is leaving to become CFO at Logitech International after five and a half years with Gentherm. CEO Phil Eyler praised Anversa's contributions, including implementing the Fit-For-Growth strategy and executing the Alfmeier acquisition.

Anversa expressed gratitude for his time at Gentherm, highlighting achievements such as record revenues, expanded profitability, and significant new business wins. The company has initiated a CFO succession process led by the CEO and will provide updates as appropriate.

Positive

• Record revenues achieved during Anversa's tenure
• Expanded profitability reported
• Significant new business wins secured, contributing to future topline growth
• Successful execution of the Alfmeier acquisition

Negative

• Departure of key executive (CFO) may cause short-term leadership gap
• Potential disruption in financial strategy and operations during transition

NORTHVILLE, Mich., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced that its Executive Vice President, Chief Financial Officer and Treasurer, Matteo Anversa, has resigned effective September 1, 2024 to accept the role of Chief Financial Officer of Logitech International.

“On behalf of our employees, our leadership team and our Board of Directors, I want to thank Matteo for his significant contributions to Gentherm over the past five and one-half years. Having him as my partner to drive change in our organization, help design and implement our Fit-For-Growth strategy, execute the highly successful Alfmeier acquisition and to grow and steward our skilled finance and IT organization has been of extraordinary value to me and to the company. While we will deeply miss him, we understand that the opportunity presented to him is exceptional and we support him in the further growth of his career,” said Phil Eyler, Gentherm’s President and Chief Executive Officer.

Matteo Anversa, CFO said, “I am truly honored to have had this opportunity to work with the Gentherm team and lead and develop the outstanding Finance and IT teams at Gentherm. Together, we have accomplished record revenues, expanded profitability and achieved extraordinary new business wins that will contribute to topline growth for years to come. I depart knowing that our company and our shareholders are in good hands with the deep and talented global Finance and IT teams at Gentherm.”

The company has initiated a CFO succession process, chaired by the President and CEO, and will provide updates as appropriate.

Investor Contact 
Gregory Blanchette
investors@gentherm.com
248.308.1702 

Media Contact 
Melissa Fischer 
media@gentherm.com
248.289.9702 

About Gentherm
Gentherm (NASDAQ: THRM) is the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems. Automotive products include variable temperature Climate Control Seats, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems, lumbar and massage comfort solutions, valve system technologies, and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities in the United States, Germany, China, Czech Republic, Hungary, Japan, Malta, Mexico, Morocco, North Macedonia, South Korea, United Kingdom, Ukraine, and Vietnam. For more information, go to www.gentherm.com.

FAQ

When is Gentherm's CFO Matteo Anversa leaving the company?

Matteo Anversa is resigning from Gentherm effective September 1, 2024.

What position is Matteo Anversa taking after leaving Gentherm (THRM)?

Matteo Anversa is leaving Gentherm to accept the role of Chief Financial Officer at Logitech International.

What major achievements were mentioned during Anversa's tenure at Gentherm (THRM)?

During Anversa's tenure, Gentherm achieved record revenues, expanded profitability, executed the Alfmeier acquisition, and secured significant new business wins.

How is Gentherm (THRM) handling the CFO succession process?

Gentherm has initiated a CFO succession process, which is being chaired by the President and CEO. The company will provide updates as appropriate.