Holger Mohr becomes CEO at Custom Chrome/GMG

Following Nace Panzica’s decision to step down from the Custom Chrome and Global Motorsport (GMG) management team, and Frank Esposito’s exit from the Group last month, owners Dae-Il have selected Custom Chrome Europe Managing Director Holger Mohr to take over as the group’s CEO with immediate effect.

Source: AMD Magazine

Holger Mohr: back in California as CEO of the Global Motorsport Group with the financial backing he needs to implement an agreed business plan

Mohr had decided to return to his post in Germany in August last year after a year and a half at the firm’s Morgan Hill, California, headquarters as President of Custom Chrome.

That decision had been triggered by former owner Cerberus’ reluctance to provide the necessary backing for the company’s business needs. With such backing for the business “now assured”, Mohr told AMD that he was “delighted to be asked to return and take the company forward”.

In an exclusive interview with AMD, Mohr was candid about recent events. “It has been a tough few months, indeed a tough few years for Custom Chrome / Global Motorsport Group, its vendors, dealers and employees, but thanks to Nace’s efforts and Dae-il’s backing throughout the past five months, we are now in a position to draw a line under the process of rescuing the company, and start building for the future”.

Part of that process has included settlement of some $7 million of agreed pre-petition vendor payables liabilities. In a letter to vendors Mohr said that “I am delighted to announce that as a result of our 90 day plan … we have achieved our goal for our vendor community”.

Commenting on Dae-Il’s decision to assume those liabilities in the first place, Mohr said that “some outside our industry recommended we not assume the previous vendor liability and start with a clean slate. Indeed, others in our industry have taken that route. Our decision to assume these debts underscores our belief that those liabilities represent relationships with key partners, and we understand that the best way to protect and promote our business is to protect and promote our vendors’ business interests too”.

Mohr has already been with GMG for 13 years and seen the entire cycle of the firm’s fluctuating fortunes throughout that time. He is one of several industry insiders that represent an emerging generation of managers and entrepreneurs now achieving strong reputations and important positions in the custom parts and accessory industry.

Mohr concluded his letter to vendors by saying “We owe our gratitude to Nace Panzica and Chairman Kim of Dae-Il. Their actions have placed Custom Chrome on a firm financial footing. It was their decision that having met agreed pre-petition obligations, leadership would be turned over to a new management team, and under our new ownership I am convinced that we have the tools to succeed in restoring this company to its rightful position in the industry”.