Dorman Products, Inc. has appointed Charles W. Rayfield as Senior Vice President, Chief Financial Officer and Treasurer, Nathan J. Porter as Senior Vice President, Chief Operations Officer, and Steven A. Bashir as President of the Heavy‑Duty segment. Rayfield succeeds retiring CFO David M. Hession, whose planned retirement was announced in June 2025. The new CFO will take office on the first business day after the company files its fiscal 2025 Form 10‑K, ensuring a smooth transition in financial leadership.
Rayfield brings more than two decades of executive finance experience, having served as CFO at Lutron Electronics and Knoll Inc. His track record of managing complex financial operations and executing strategic acquisitions positions him to support Dorman’s expansion of its complex‑electronics portfolio and to oversee disciplined capital allocation as the company pursues growth in both Light and Heavy‑Duty markets.
Porter, whose prior roles include operations leadership at ADI Global Distribution and General Motors, will oversee distribution, manufacturing, logistics, and sourcing. His background in large‑scale supply‑chain management is intended to enhance operational efficiencies and support the company’s supply‑chain diversification strategy, a key focus area for Dorman as it scales its aftermarket operations.
Bashir, formerly Head of Commercial Vehicle Aftermarket at ZF Services, will lead the Heavy‑Duty segment’s commercial strategy and product development. His experience in the commercial vehicle aftermarket is expected to strengthen Dorman’s position in a segment that has faced headwinds from higher financing rates and uncertain consumer sentiment, while also driving innovation in high‑margin product lines.
Dorman’s recent financial performance underscores the strategic importance of these appointments. In Q4 2024, the company reported net sales of $533.8 million, up 8.0% year‑over‑year, and diluted EPS of $1.77, up 11% year‑over‑year. For the full year 2024, net sales were $2.0 billion and diluted EPS was $6.14. Management has guided for 2025 net sales growth of 3% to 5% and diluted EPS of $7.00 to $7.30, reflecting confidence in continued demand for its complex‑electronics offerings. Dorman’s gross profit margin of 41.9%, debt‑to‑equity ratio of 0.37, and current ratio of 2.94 demonstrate a solid financial foundation that the new leadership will build upon.
Kevin Olsen, Dorman’s President and CEO, said the leadership changes “position Dorman for an exciting new chapter.” He added that the senior leaders’ experience will “drive innovation, further advance our commercial and operational excellence initiatives, and unlock new opportunities to deliver long‑term growth.”
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