Commercial Vehicle Group announced its third-quarter results and a change in leadership: David Ruppel will become president and chief executive on November 9, succeeding James R. Ray Jr. Ray will leave the board but remain as a senior adviser during the transition, through his retirement on January 5, 2027.
The announcement’s available details focus on the succession and Ruppel’s compensation. They do not include third-quarter financial figures.
Key details
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Leadership transition: Ruppel, 55, was appointed CEO and to the board effective November 9. Ray will step down as CEO and director that day. The company said Ray’s departure from the board was not the result of a disagreement with the company.
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Ruppel’s background: He most recently led Littelfuse’s Transportation & Logistics business as a senior vice president and general manager. Before joining Littelfuse in 2024, he was president of IDEX Optical Technologies and Montevideo Technology, and held earlier leadership roles at Herman Miller–Nemschoff and Eaton–Cooper Power Systems.
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Board role: Ruppel will receive no additional compensation for serving as a director and is not expected to join a board committee.
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Cash compensation: Ruppel’s annual base salary will be $700,000. His annual incentive target is 100% of salary, with a possible payout from zero to 200% of target depending on performance. The company set total annual target compensation at no less than $3 million; the initial long-term incentive award counts toward that amount for 2027.
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Replacement for forfeited bonus: CVG will pay Ruppel a prorated amount of the 2026 bonus he would have earned at Littelfuse through his November 9 start date. Payment is expected around March 15, 2027; the amount was not specified.
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Awards replacing forfeited Littelfuse equity: On his start date, Ruppel is due restricted shares and performance shares intended to replace unvested awards forfeited when he leaves Littelfuse. The number of CVG shares will be calculated using both companies’ November 9 closing share prices and the value of the forfeited awards. The calculation covers 4,720 Littelfuse restricted stock units, 1,112 unvested options—with value counted only to the extent the share price exceeds their $251.82 exercise price—and 3,211 target performance units.
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The replacement restricted shares will vest in two equal installments on the first and second anniversaries of the grant.
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The replacement performance shares will vest on December 31, 2028. The payout can range from zero to 200% of target based on CVG’s relative total shareholder return from January 1, 2027, through December 31, 2028.
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Initial long-term incentive award: Ruppel will also receive an award with a target value of $1.6 million, converted into shares using CVG’s November 9 closing price. Forty percent of the target value will be restricted shares and 60% performance shares.
- The restricted shares will vest in equal installments on March 31, 2028, 2029 and 2030.
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The performance shares will vest on December 31, 2029. The announcement does not specify the performance measures for this award.
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How the equity awards are structured: The independent directors approved the inducement awards outside CVG’s shareholder-approved equity plan. Their terms are intended to be consistent with awards under the company’s existing 2020 equity plan.
Plain-English implications
CVG’s leadership change takes effect November 9, with Ray staying on briefly to support the handover. Ruppel’s package includes substantial equity awards, including performance-based shares whose eventual payout depends in part on CVG’s relative shareholder returns. The share counts for the awards are not fixed in the announcement; they will depend on the November 9 closing prices.