Gentex CFO leaves but will work with supplier as consultant

Gentex Corp., a maker of rearview mirrors and electronics parts, said its CFO and vice president of finance has left the company but will remain a consultant with the supplier.Steve Dykman, 47, had been vice president of finance since 2006 and CFO since 2007. He had been with Gentex for nearly 20 years. He has been replaced by Steve Downing, the company’s vice president of commercial management, effective Friday, May 17, Gentex said in a statement.CEO Fred Bauer, 70, said in a statement: “Steve Downing has 11 years of success and increasing responsibility in cost accounting, quotation development, forecasting, strategic partnerships and new business development that is central to all of the company's sales today.”Details of Dykman’s departure were unavailable, and the company did not return phone calls seeking comment.Gentex, of Zeeland, Mich., also said Kevin Nash has been appointed chief accounting officer.Shares in Gentex fell 2.2 percent today to close at $24.66.Richard Kwas, a senior analyst at Wells Fargo, said Dykman’s consulting role “will … facilitate a smooth transition.”“Near term, [Gentex] shares are likely to weaken given the suddenness of the announcement. That said, we believe Gentex’s financial strategy will remain unchanged with the appointment of Mr. Downing,” Kwas said in a statement.In the first quarter, Gentex’s profits dipped 2 percent from a year earlier to $45.4 million, in part because of a decline in vehicle production in Japan, Korea and Europe, the company said last month. Revenue dropped 7 percent from the year-earlier quarter to $269.5 million.The company said it expects rear-camera display mirror shipments in 2013 to decline 25 to 35 percent from last year, mainly because of delays by the federal government in implementing the Kids Transportation Safety Act.The law would require automakers to incorporate backup cameras in all new passenger vehicles.Gentex supplies rear-camera display mirrors for 58 nameplates from 10 automakers.The company ranks No. 93 on the Automotive News list of the top 100 suppliers to North America with an estimated $440 million in parts sales to automakers in fiscal 2011.

Gentex CFO leaves but will work with supplier as consultant

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