CVG sells FSE control-panel business for $1.5M base plus earnout; appoints new Electrical Systems President

Commercial Vehicle Group, Inc.

Asset sale to FSE Diya, Inc. for $1.5M base plus up to $1.5M earnout; closed October 30, 2024.
Richard Tajer steps down as President of Electrical Systems effective Oct 31, 2024; employee through Dec 31, 2024 then separation under CIC agreement.
Peter Lugo appointed President of Electrical Systems effective Nov 1, 2024; previously SVP at Southwire.
Earnout payments tied to Buyer's Adjusted EBITDA thresholds of $4M (2025) and $5M (2026).
Transition services agreement entered into; $500,000 of purchase price paid via promissory note.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Richard Tajer

President of Electrical Systems

CVGI · Commercial Vehicle Group, Inc.

Effective: 2024-10-31
Filed: October 31, 2024, 7:59 PM ET

On October 31, 2024, the Company and Richard Tajer, President of Electrical Systems, reached a separation agreement (the “Separation Agreement”) pursuant to which Mr. Tajer will cease being President of Elecrical Systems effective immediately and cease being an employee effective December 31, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.9

Richard Tajer resigned as President of Electrical Systems at Commercial Vehicle Group, Inc..

Action: resigned
Role: President of Electrical Systems

Exact text from the filing

On October 31, 2024, the Company and Richard Tajer, President of Electrical Systems, reached a separation agreement (the “Separation Agreement”) pursuant to which Mr. Tajer will cease being President of Elecrical Systems effective immediately and cease being an employee effective December 31, 2024.

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Commercial Vehicle Group, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-044550

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