Commercial Vehicle Group, Inc. filed a Form 8-K on November 2, 2026, disclosing the Board's appointment of David Ruppel as President and Chief Executive Officer effective November 9, 2026, along with third-quarter 2026 earnings results.

Key Highlights

  • New CEO appointed: David Ruppel, age 55, was appointed President and Chief Executive Officer and as a Board member, effective November 9, 2026.
  • Predecessor's transition: James R. Ray, Jr. will step down as President, CEO, and Board member on November 9, 2026, remaining as Senior Advisor through his retirement on January 5, 2027.
  • Base salary: Ruppel's annual base salary is set at $700,000, with an annual incentive opportunity targeted at 100% of base salary, ranging from 0% to 200% of target based on performance.
  • Total target compensation: Total annual target compensation will be no less than $3,000,000, with the initial long-term incentive award counting toward this target for 2027.
  • Initial long-term incentive: Ruppel will receive an initial long-term incentive award with a target value of $1,600,000, consisting of 40% restricted shares and 60% performance shares, based on the closing price of CVGI stock on November 9, 2026.
  • Make-whole equity awards: Ruppel will receive make-whole equity awards to replace forfeited unvested awards at his prior employer, including 4,720 forfeited Littelfuse restricted stock units and 3,211 forfeited Littelfuse performance share units, with conversion based on Littelfuse and CVGI closing prices on November 9, 2026.
  • Relocation payment: The company will provide a one-time net cash relocation payment of $60,000 within 30 days after the November 9, 2026 start date.

Commercial Vehicle Group Board Appoints Ruppel as CEO, Outlines Compensation Terms

According to the filing, the Board of Directors of Commercial Vehicle Group, Inc. (NASDAQ:CVGI), on October 30, 2026, appointed David Ruppel as President and Chief Executive Officer and as a Board member, with both appointments effective November 9, 2026. Ruppel succeeds James R. Ray, Jr., who will step down from both roles on that date. The filing states that Ray's resignation from the Board "did not result from any disagreement with the Company on any matter relating to its operations, policies or practices." Ray will continue as Senior Advisor to the CEO to assist with the transition through his retirement on January 5, 2027.

The filing describes Ruppel's professional background as including a position at Littelfuse, Inc. since 2024, most recently as Senior Vice President and General Manager, Transportation and Logistics. Prior to that, he served as President of IDEX Optical Technologies from 2021 to 2024, and as President of Montevideo Technology Inc. from 2017 to 2021. Earlier roles included leadership positions with Herman Miller-Nemschoff and Eaton-Cooper Power Systems. According to the filing, he holds an Executive Master of Business Administration from Marquette University and a Bachelor of Science in Management from Cardinal Stritch University.

Under the offer letter dated October 30, 2026, Ruppel's compensation includes a $700,000 annual base salary and an annual incentive award opportunity targeted at 100% of base salary, with payouts from 0% to 200% of target depending on performance. The filing states that total annual target compensation will be no less than $3,000,000. The make-whole and initial long-term incentive awards - collectively referred to in the filing as the "Inducement Awards" - were approved by independent Board directors and will be granted outside the company's stockholder-approved equity incentive plan, in accordance with Nasdaq Listing Rule 5635(c)(4). The exact number of shares subject to the Inducement Awards will be determined on November 9, 2026, with disclosure to follow in a press release and an amendment to this Form 8-K.

What Was Disclosed

Commercial Vehicle Group disclosed a CEO succession event, the terms of the incoming CEO's offer letter including salary, incentive structure, make-whole equity awards, and a relocation payment, along with the filing of a press release covering third-quarter 2026 earnings.