NORTHVILLE, Mich., Nov. 17, 2016 /PRNewswire/ -- Gentherm Incorporated (NASDAQ-GS:THRM), the global market leader and developer of innovative thermal management technologies, announced today that Chairman of the Board, Oscar B. Marx, III, has informed the Company's Board of Directors of his intention to retire from the Board at the end of his current term, on the date of the 2017 annual meeting of shareholders which is expected to be held in May 2017. Mr. Marx has served as Chairman since 1999 and held the position of Interim Chief Executive Officer from October 2001 to March 2003. "The positive impact Bud Marx has had on Gentherm cannot be overstated," said Daniel R. Coker, President and Chief Executive Officer. "Under Bud's leadership, Gentherm has grown from essentially a start-up to a multi-national organization of more than 11,000 employees and almost $1 billion in revenue. Bud's ability to inspire others and his tireless work as the leader of our organization will be missed." The Board of Directors unanimously agreed to appoint Francois Castaing as the new Chairman of the Board effective as of the 2017 annual meeting of shareholders, subject to Mr. Castaing's reelection. "It has been my privilege to lead Gentherm for 17 years," Marx said. "I am extremely proud of what we have accomplished and I am very confident that the Board under Francois' leadership will continue to guide Gentherm to achievement of our strategic objectives. Gentherm is well-positioned for the future, and now is a good time for an orderly transition to take the company to the next level. I will continue to follow its progress with great interest and enthusiasm as a major shareholder. Gentherm has been part of my family and always will be."