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COLMAR, Pa. - Dorman Products, Inc. (NASDAQ:DORM), a leading aftermarket automotive components provider with a market capitalization of $3.88 billion and annual revenue exceeding $2 billion, announced today that Senior Vice President and Chief Financial Officer David M. Hession will retire later this year. The company has begun a search for Hession’s successor with the help of an executive search firm.
Hession, who has been with Dorman since February 2019, played a pivotal role in the company’s financial growth, overseeing strategic acquisitions and strengthening the financial team. Under his tenure, the company maintained strong liquidity with a current ratio of 2.62 and achieved a 6.03% revenue growth. He will maintain his role until a new CFO is appointed and will then serve as an advisor to ensure a smooth transition. According to InvestingPro, the company maintains a "GREAT" financial health score of 3.03.
Kevin Olsen, Dorman’s President and CEO, expressed appreciation for Hession’s contributions, stating, "David has been integral in helping drive Dorman’s strong financial performance over the last six years."
Hession reflected positively on his tenure, "It’s been an honor to lead Dorman’s finance organization and work alongside Kevin and Dorman’s management team. I am proud of what we have accomplished together and am confident that Dorman is well-positioned for continued success."
Dorman has a century-long history in the automotive industry and offers a wide range of replacement products designed to provide convenience and reliability for motor vehicles.
The information in this article is based on a press release statement from Dorman Products, Inc.
In other recent news, Dorman Products Inc. reported impressive financial results for the first quarter of 2025, significantly surpassing earnings expectations. The company posted an earnings per share (EPS) of $2.02, well above the forecasted $1.48. Revenue also exceeded projections, coming in at $507.7 million compared to the anticipated $481.63 million. Dorman Products demonstrated a 54% year-over-year increase in adjusted diluted EPS and an 8% rise in consolidated net sales. The company emphasized its strong performance in new product development and diversification of its supply chain.
Additionally, Dorman Products has projected net sales growth of 3-5% and adjusted diluted EPS guidance between $7.55 and $7.85 for 2025. The company aims to focus on customer needs and market opportunities while mitigating potential tariff impacts. CEO Kevin Olson expressed confidence in Dorman’s strategic direction, highlighting the company’s focus on non-discretionary repair parts. Despite challenges in the heavy-duty and specialty vehicle markets, Dorman capitalized on positive macro trends in the light-duty aftermarket and the used vehicle market. The company remains optimistic about its ability to navigate economic uncertainties and continue its growth trajectory.
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