NORTHVILLE, Mich., March 30, 2016 /PRNewswire/ -- Gentherm (NASDAQ-GS:THRM), the global market leader and developer of innovative thermal management technologies, today announced that its Board of Directors has selected two new Director nominees to be voted on by the Company's shareholders at its next Annual Meeting of Shareholders. The nominees, veteran corporate executives Yvonne Hao and Ronald Hundzinski, would replace outgoing directors Carlos Mazzorin and Franz Scherer. Mr. Mazzorin and Dr. Scherer will retire from the Board of Directors immediately prior to the next Annual Meeting. The total number of members of the Gentherm Board of Directors would remain at nine.
Ms. Hao, 41, is an Operating Partner of Bain Capital Private Equity where she works in the firm's portfolio group. Mr. Hundzinski, 57, is Vice President and Chief Financial Officer of BorgWarner Inc., a global automotive supplier based in Auburn Hills, Michigan.
"Yvonne and Ron bring broad and extensive expertise in finance and global operations to our Board, and both have played senior managerial roles in areas that are strategically important to us, including global expansion, product development and mergers and acquisitions," said Daniel R. Coker, President and Chief Executive Officer. "We will benefit from their business acumen as we continue to expand globally and further extend our leadership in thermal management technologies to a variety of industries."
"We would like to thank Carlos and Franz for their invaluable guidance and service during their time on our Board. They have both been key contributors to our success and we will be forever grateful to them for their dedication to Gentherm," Coker said. "Carlos brought his vast experience as a long-time automotive industry expert to Gentherm and was instrumental in helping us expand and grow our business. He offered important insight and direction during a period of significant change for the company. Franz's exemplary service to the company extends back to 2004, when he first became Chairman of W.E.T. Automotive Systems AG. He served admirably in that position until that company was merged into Gentherm GmbH in 2014 and played a key role in blending the two companies."
Ms. Hao joined Bain Capital Private Equity in 2008 and works closely with portfolio companies' management teams on strategic, financial and operational initiatives. She currently has active leadership roles at several portfolio companies, including publicly-traded Bombardier Recreational Products, where she is a member of the Board of Directors. During her tenure at Bain Capital Private Equity, Ms. Hao served as interim CEO or COO at several portfolio companies, including Gymboree and D&M Holdings. Ms. Hao has a Bachelor of Arts degree from Williams College and a Masters of Philosophy in Development Economics from Cambridge University.
Mr. Hundzinski has been Vice President and Chief Financial Officer of BorgWarner Inc. since March 2012. He is responsible for investor relations, mergers and acquisitions, and all treasury, tax, internal audit and financial reporting. He is also a member of the corporate strategy board. Mr. Hundzinski served as Vice President and Controller from April 2010 to August 2011 as well as Vice President and Treasurer from August 2011 to March 2012 and, for several years prior to that, in other senior financial positions within BorgWarner Inc. and its subsidiaries. Mr. Hundzinski has a bachelor's degree in finance from Western Michigan University and an MBA from the University of Colorado.
2016 Annual Meeting of Shareholders
Gentherm also announced today that it will hold its Annual Meeting of Shareholders on Thursday, May 26, 2016, at 9:30 a.m. Eastern Time. The meeting will be held at the Company's corporate offices in Northville, Michigan. Only holders of the Company's common stock at the close of business on the record date, April 11, 2016, are eligible to vote at the Annual Meeting or any adjournments that may take place. Shareholders will be asked to consider and act on the election of directors to the Board of Directors; ratification of the appointment of Grant Thornton LLP to act as the Company's independent registered public accounting firm for the year ended December 31, 2016; approval, on an advisory basis, of the compensation of the Company's named executive officers; and approval of an amendment to the Company's Amended and Restated Bylaws to increase the minimum number of directors from five to seven and the maximum number of directors from nine to 11.
Gentherm (NASDAQ-GS: THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include actively heated and cooled seat systems and cup holders, heated and ventilated seat systems, thermal storage bins, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery thermal management systems, cable systems and other electronic devices. Non-automotive products include remote power generation systems, heated and cooled furniture and other consumer and industrial temperature control applications. The Company's advanced technology team is developing more efficient materials for thermoelectrics and new systems for waste heat recovery and electrical power generation. Gentherm has over 10,000 employees in facilities in the U.S., Germany, Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam. For more information, go to www.gentherm.com.
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this press release are made as of the date hereof or as of the date specified and are based on management's current expectations and beliefs. Such statements are subject to a number of important assumptions, risks, uncertainties and other factors that may cause the Company's actual performance to differ materially from that described in or indicated by the forward looking statements, including the cautionary statements included herein, as well as those specified in the Company's annual report on Form 10-K for the year ended December 31, 2015 and subsequent reports filed with the Securities and Exchange Commission. Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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