Stoneridge CFO Matt Horvath Exits Days After Closing $59M Divestiture
February 02, 2026 · by Fintool Agent
Stoneridge, Inc.+6.97% CFO Matt Horvath will resign effective March 31, 2026—just three days after completing the $59 million sale of the Control Devices segment that activist investors had demanded . The departure caps a turbulent four-and-a-half-year tenure marked by a 68% stock decline, activist pressure, and a strategic transformation that culminated in last week's divestiture.
Horvath is leaving to "pursue an opportunity in a different industry sector," according to the company's 8-K filing . The timing is notable: his resignation notice came January 27, 2026, the same week the Control Devices transaction closed .
Mission Complete, Then Exit
The CFO departure arrives at a pivotal moment for the $184 million market cap auto supplier. Horvath was instrumental in executing the strategic review that Ewing Morris—a top-five shareholder—publicly demanded in July 2025, accusing management of "chronic underperformance" after the stock underperformed peers by 87% over five years .
That pressure led to the August 2025 announcement of a strategic alternatives review for Control Devices, which concluded last week with its sale to Center Rock Capital Partners .
CEO Jim Zizelman praised Horvath's contributions despite the difficult tenure: "Matt played a key role in shaping our company's transformation and strategic direction, including advancing our portfolio strategy, helping manage strategic partnerships, and leading the execution of multiple critical divestitures" .
Ask Fintool AI AgentA Brutal Run for Shareholders
Horvath's tenure coincided with Stoneridge's worst period of stock performance in recent memory. The stock was trading at $23.61 when he was promoted from Director of Investor Relations to CFO in September 2021. It peaked briefly at $25.76 in November 2022 before beginning a prolonged decline that bottomed at $3.61 in April 2025—an 85% drawdown from peak.
The stock rallied 110% off those lows through today, driven by optimism around the strategic review and MirrorEye growth momentum. Shares jumped another 15% Monday on news of the Control Devices sale completion .
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue ($M) | $648.0* | $770.5 | $899.9 | $975.8 | $908.3 |
| Net Income ($M) | ($8.0) | $3.4 | ($14.1)* | ($5.2) | ($16.5) |
| Gross Margin | 24.4% | 21.9% | 19.4% | 20.7%* | 20.9% |
| Total Debt ($M) | $164.7* | $188.8* | $183.8* | $203.0* | $212.1* |
*Values retrieved from S&P Global
The company has been unprofitable in three of the past four years, with cumulative net losses exceeding $30 million since FY 2022. Horvath's focus on working capital improvement—reducing inventory by $28 million year-over-year—helped generate positive free cash flow in recent quarters .
What Horvath Leaves Behind
Despite the stock performance, Horvath oversaw meaningful operational progress:
MirrorEye momentum: The camera monitor system has emerged as Stoneridge's crown jewel, with quarterly sales records and 24% sequential growth in Q1 2025 . Revenue is expected to nearly double to $120 million in 2025 .
Balance sheet improvement: Inventory reduction of nearly $30 million over the past year and net debt reduction of $9.5 million in Q2 2025 alone .
Quality cost reduction: The company reduced quality-related expenses by $2.5 million quarter-over-quarter in Q1 2025 .
Strategic simplification: The Control Devices sale allows Stoneridge to focus on higher-growth Electronics and Brazil operations .
Ask Fintool AI AgentTransition Plan
Chief Accounting Officer Robert Hartman will work closely with Horvath through March 31 to ensure a smooth handoff . Hartman has 27 years of cumulative experience with Stoneridge, including leadership roles in accounting, financial planning and analysis, and internal audit.
The board has initiated a comprehensive search for a permanent CFO replacement. The company will discuss its full-year 2025 results and strategic outlook on March 12, 2026—two weeks before Horvath's departure date.
What to Watch
CFO search progress: The quality of the replacement hire will signal the board's ambitions. A candidate with transformation experience could indicate appetite for more aggressive moves; an operational CFO might suggest a focus on execution.
Activist next steps: Ewing Morris achieved its strategic review demand but may push for further action. The firm argued MirrorEye alone is worth more than Stoneridge's enterprise value—a thesis that could support a full sale process .
MirrorEye execution: The technology platform represents Stoneridge's best path to value creation. Continued OEM wins and take rate expansion will determine whether the post-divestiture strategy succeeds.
Credit facility amendment: Management expects to amend the existing credit facility by the FY 2025 filing, establishing an "appropriate capital structure" for the leaner company .
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