International Automotive Components (IAC) Group, a leading global automotive and mobility supplier in lightweight and new material interior solutions, has announced the company’s leadership succession plan after which the board of directors unanimously elected David Prystash, CFO, as the next CEO and a member of the company’s board of directors effective Jan. 1, 2021. Manfred Gingl, will remain CEO through the remainder of the year, and will continue to serve as executive chairman of the board of directors after the transition. Kevin Graham, vice president, finance will become CFO.
Gingl, Prystash and Graham will work together over the next two months to ensure a seamless leadership transition.
“With David at the helm, our deep leadership team bench is well positioned to continue the positive momentum IAC has seen over the last year,” said Gingl. “David has a proven track record at IAC and extensive experience running businesses globally. David has been pivotal in the company’s turnaround and in ensuring customers view us as a preferred partner and I am excited to continue working closely with David and supporting success as executive chairman of the board.”
Prior to joining IAC in November 2018, Prystash, held leadership positions at General Motors (GM) including vice president and CFO of global product development, purchasing and supply chain where he was instrumental in negotiating the sale of Opel/Vauxhall to Peugeot and achieving $6.5 billion of cost reductions over a four-year period. Prior to that, he served GM as CFO of global manufacturing and labor relations. Before joining GM, he also held executive leadership roles including CEO and CFO outside of the auto industry following a 24-year career at Ford Motor Co., where he held various senior financial and operational posts including assignments in Asia and South America.
“I am proud of the accomplishments of the entire leadership team and the incredible people that are the life blood of this company,” continued Gingl. “Our successful transformation has left us well-positioned for future success as we continue to strengthen our plants, focus on profitable growth and deliver the highest quality product to our customers.”
“Since joining IAC, I have been impressed by the company’s unmatched manufacturing expertise and leading technology in a vital space within the industry. I thank the board of directors for their confidence and trust in appointing me to this role at a time of such tremendous potential for the Company and look forward to continuing to benefit from Manfred’s expertise as we continue the positive trajectory at IAC,” said Prystash, CFO at IAC. “Given our working relationship, I am confident the leadership transitions over the next two months will be smooth and I am glad to have Kevin continue to be a vital member of the team. Kevin’s strong leadership, technical expertise and in-depth company knowledge make him the obvious choice for CFO.”
Since joining IAC in March 2019, Graham, has led numerous cost-saving and restructuring initiatives that have facilitated IAC to maximize the value of its assets, improve its cost structure and plan for profitable growth in the future. Prior to joining IAC, Graham held various leadership roles at GM in finance and supply chain, enhancing reporting, visibility and accountability across numerous organizations.
“On behalf of the board of directors, I thank Manfred for his outstanding leadership and commitment to IAC. We are thrilled we will continue to benefit from his experience and expertise as executive chairman,” said Stan Parker, founding partner of Gamut Capital. “Over the past two years, Manfred and David have closely collaborated to assemble a broad and talented team to lead the next phase of the company’s growth allowing for a natural and seamless transition for all IAC stakeholders.”
“Manfred will continue to be highly engaged in the business with a focus on customer engagement and development in Europe and will spearhead technology advancements to redefine vehicle interiors to best service the customer demands of the future,” continued Parker “The board has full confidence in David’s leadership. Given his strong track record of success in our industry, we are excited about the contributions he will make as the Company’s CEO. Additionally, Kevin’s promotion reflects his essential contributions to the team and is a testament to IAC’s commitment to develop talent from within the organization.”