Appoints Frithjof Oldorff as President of the Automotive Business Unit and Thomas Liedl as President of the Gentherm Technologies business unit
Gentherm Incorporated (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, announced today the reorganization of its global reporting structure to reflect the integration of its subsidiary, W.E.T. Automotive Systems AG.
“Today we are implementing several changes that fully integrate all of our employees worldwide into a single reporting structure. With this, we have completed a key step in creating the company we envisioned when the two companies first began talking,” President and Chief Executive Officer Daniel R. Coker said. “Gentherm now has an expanded global presence with world-class engineering, manufacturing, marketing and advanced development resources in place that position us to be the premier supplier of advanced thermal technologies to the automotive and other markets we serve. We have additional new products to offer our current customers, and we are developing innovative technologies to enter new markets.”
As part of the reorganization, the Company announced the appointment of veteran European automotive executive and current W.E.T. Chief Operating Officer Frithjof Oldorff to the newly created position of President of the Automotive Business Unit. In this role, Oldorff will oversee the Company’s market leading Climate Control Seat™ (CCS™) systems, heated steering wheel systems, heated and ventilated seats and heated seats. He will also be responsible for the Company’s Supply Chain organization.
The Company also announced the appointment of W.E.T.’s current Chief Financial Officer Thomas Liedl as President of the newly formed Gentherm Technologies Business Unit, which is responsible for all of the Company’s non-automotive seat comfort and heated steering wheel business, including automotive cup holders, storage bins, climate controlled mattresses and office chairs and cable systems.
The appointments are effective immediately, and both will report directly to Coker. Coker noted that the new structure should enhance the Company’s market focus and improve operational efficiencies, while addressing redundancies with minimal disruption to the business.
Oldorff has served as the Chief Operating Officer of W.E.T. since 2008. He previously was the Director of Operations at Freudenberg, an automotive and industrial company, from 2005 to 2007, and held various senior-level positions at Faurecia, a global player in the automotive industry, from 1995 to 2005.
Coker said, “Frithjof is a seasoned and trusted leader who consistently delivers results. He is highly qualified to drive strategic prioritization and accountability within Gentherm, with a focus on enterprise process excellence. Frithjof will play an essential role in realizing the significant opportunities we see with the combination of the two companies. He is a key member of our executive management team.”
Liedl has served as the Chief Financial Officer of W.E.T. since 2008. From 1999 to 2008, he held the position of Vice President Finance at W.E.T. He worked in public accounting for KPMG from 1994 to 1999.
“Thomas has demonstrated a unique ability and desire to take on new challenges. In his role as President of the Gentherm Technologies Business Unit, we expect Thomas to oversee the development of new products in new markets. Thomas has a proven track record of success during his time with W.E.T., and we look forward to his contributions,” added Coker.
Gentherm also announced the establishment of a shared service group which will provide global services to the entire organization. These functional leaders will continue to report to Coker as part of the executive team. They are Barry Steele, Vice President, Chief Financial Officer and Treasurer, David Bomzer, Vice President Human Resources, Kenneth Phillips, Vice President and General Counsel, and John Marx, Vice President Business Planning. Additionally, Steve Davis, Chief Technology Officer, and Greg Steinl, Vice President of the Electronics Business Unit, will continue reporting to Coker, but will oversee technology and electronics for the entire organization.
“The Company has established a strong foundation for growth,” Coker said. “We believe Gentherm is exceedingly well-positioned to take full advantage of our combined management talent, market experience and extensive portfolio of technologies to achieve our goals of expanded market leadership, sustained global growth and increasing profitability.”
