ZEELAND, MI (WHTC-AM/FM) – There is a change in the leadership at Gentex.
The Zeeland-based specialty parts maker announced on Friday the retirement of Fred Bauer as its Chairman of the Board of Directors and his subsequent resignation from that board. During what company officials call a “remarkable career,” Gentex has grown from its startup in 1974 and about 17 million dollars in market capitalization in its IPO seven years later to approximately six billion dollars in market capitalization today. In a statement, the company said that “Mr. Bauer created the Gentex foundations of devotion to quality and innovation, ownership mentality and unpretentious management that allowed for its historical success. Throughout his career, he created a cohesive and cooperative management team, with depth and breadth of talent. Under Mr. Bauer’s leadership, the company has also become widely respected as an industry leader in technology and innovation.”
Bauer will remain connected with the company as Chairman Emeritus, Founder and Advisor. The Board unanimously approved Lead Independent Director James Wallace as Bauer’s replacement as its Chairman, with Steve Downing promoted as Chief Executive Officer.
