NN, Inc. (NASDAQ: NNBR), a global diversified industrial company
that manufactures high-precision components and assemblies, today
announced the appointment of Tim French, Senior Vice President and
Chief Operating Officer, effective August 10, 2023. In this role,
he is responsible for leading the company’s operations team of
approximately 3,000 employees in six countries and helping generate
significant business transformation. Mr. French brings 35 years of
experience in manufacturing, operations, and business
transformation. He will report directly to Harold Bevis, NN’s new
President and Chief Executive Officer.
“Tim is an experienced leader and a business
transformation veteran, having led several in his career,” said Mr.
Bevis. “I am excited to be partnering with Tim again as we have
been very successful working together before. He is a strategic
thinker and adds important depth to our already talented leadership
team. His experience in manufacturing, operational excellence and
discipline are critical to NN achieving its short-term and
long-term goals.”
“I am thrilled to be partnering with Harold for the
third time and joining NN,” said Mr. French. “The company is well
known for manufacturing excellence and precision engineering, and
there is tremendous potential given NN’s talent, expertise, and
global customer base. I’m looking forward to joining the
experienced leadership team to drive NN’s growth and
transformation.”
Over the past 13 years Mr. French, a native of
Ontario, Canada, has served in COO and CEO roles for manufacturers
where he successfully led transformation initiatives ranging from
operational, restructuring, lean manufacturing, and post-M&A
integration with a track record for substantial improvement in
operational efficiency improvements, cost reduction, and capital
management. He began his leadership career as a plant manager and
has worked in operational, management, and leadership roles in
packaging, equipment, and industrial manufacturing. Mr. French
holds an MBA from the University of Athabasca.
As a material inducement for Mr. French to enter
employment with the Company, the Board of Directors approved the
grant of the following inducement equity awards (collectively, the
Inducement Awards), granted outside the Company’s
stockholder-approved equity incentive plan, with a grant date of
August 8, 2023: (i) 330,000 time-vesting restricted stock units
(RSUs), which will vest ratably in one-fifth increments on each of
the first five anniversaries of the grant date; and (ii) 560,000
performance-vesting RSUs (PSUs), 70,000 of which will be earned
upon the Company’s average stock price meeting or exceeding a price
of $ 4.00 per share over a period of 20 consecutive days, with an
additional 70,000 PSUs being earned for each dollar increase to the
average stock price thereafter, with a cap of $ 11.00, subject
further to a five-year vesting period.
As a result of the Inducement Grants, the Company
does not anticipate granting any further equity, as part of his
annual compensation or otherwise, to Mr. French before 2028, and as
such, the Inducement Awards, effectively serve as his 2023, 2024,
2025, 2026 and 2027 annual long-term incentive awards. The Company
designed the Inducement Awards, in part, to (i) replace, in the
case of the RSUs, the compensation forfeited by Mr. French when he
joined NN, (ii) align, in case of the PSUs, the interests of Mr.
French and the Company’s shareholders, as the equity is only earned
as shareholders experience value creation, and (iii) prioritize
retention of Mr. French through the entire five-year performance
and vesting periods.
About NN, Inc.NN, Inc., a global
diversified industrial company, combines advanced engineering and
production capabilities with in-depth materials science expertise
to design and manufacture high-precision components and assemblies
for a variety of markets on a global basis. Headquartered in
Charlotte, North Carolina, NN has facilities in North America,
Europe, South America, and Asia. For more information about the
company and its products, please visit www.nninc.com.
FORWARD-LOOKING STATEMENTSExcept
for specific historical information, many of the matters discussed
in this press release may express or imply projections of revenues
or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These
statements may discuss goals, intentions and expectations as to
future trends, plans, events, results of operations or financial
condition, or state other information relating to NN,
Inc. based on current beliefs of management as well as
assumptions made by, and information currently available to,
management. Forward-looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,”
“possible,” “potential,” “predict,” “project” or other similar
words, phrases or expressions. Forward-looking statements involve a
number of risks and uncertainties that are outside of management’s
control and that may cause actual results to be materially
different from such forward-looking statements. Such factors
include, among others, general economic conditions and economic
conditions in the industrial sector; the impacts of pandemics,
epidemics, disease outbreaks and other public health crises,
including the COVID-19 pandemic, on our financial condition,
business operations and liquidity; competitive influences; risks
that current customers will commence or increase captive
production; risks of capacity underutilization; quality issues;
material changes in the costs and availability of raw materials;
economic, social, political and geopolitical instability, currency
fluctuation, and other risks of doing business outside of the
United States; inflationary pressures and changes in the cost or
availability of materials, supply chain shortages and disruptions,
and the availability of labor; our dependence on certain major
customers, some of whom are not parties to long-term agreements
(and/or are terminable on short notice); the impact of acquisitions
and divestitures; our ability to hire or retain key personnel; the
level of our indebtedness; the restrictions contained in our debt
agreements; our ability to obtain financing at favorable rates, if
at all, and to refinance existing debt as it matures; unanticipated
difficulties integrating acquisitions; new laws and governmental
regulations; the impact of climate change on our operations; and
cyber liability or potential liability for breaches of our or our
service providers’ information technology systems or business
operations disruptions. The foregoing factors should not be
construed as exhaustive and should be read in conjunction with the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” included
in the Company’s filings made with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date of this press release, and the Company undertakes no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law. New risks and
uncertainties may emerge from time to time, and it is not possible
for the Company to predict their occurrence or how they will affect
the Company. The Company qualifies all forward-looking statements
by these cautionary statements.
Contact:Tim PetersMedia Contact+1
773 318 7558tim.peters@alphaadvgroup.com
Joseph Caminiti, CFAInvestor Relations
Contactjoseph.caminiti@alpha-ir.com+1 312 445 2864
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