NN, Inc. Announces Plan to Reduce Board Size From Nine to Seven Members
July 12 2023 - 3:05PM
NN, Inc. (NASDAQ: NNBR), a global diversified industrial company
that manufactures high-precision components and assemblies, today
announced that as a part of its ongoing review of governance
policies and commitment to operating consistently with best
practices in corporate governance, its Board of Directors has
decided to reduce the Board’s size from nine to seven members. As a
result, independent directors Shihab Kuran and Robert E. Brunner
offered to and will retire, effective August 23, 2023.
Jeri Harman, Chairman of the Board of NN,
commented, “As we benchmarked companies of similar-size and in our
industry, we recognized the opportunity to enhance the efficiency
of our board by reducing the size of our directorship. The smaller,
more efficient Board will also reduce corporate costs while
maintaining the independence and experience needed to guide our
management team and drive value creation for the Company’s
shareholders.”
Mr. Brunner remarked, “Shihab and I, as a matter
of good governance, fully agree with the decision to reduce the
size of NN’s board. In an effort to maximize the benefits of this
reduction, we decided to accelerate the timeline of our retirement
to the end of August, as opposed to waiting until next year’s
annual meeting. This has allowed us to complete our recent
leadership transition and ensure a smooth process. We appreciate
the opportunity that each of us have had to contribute to NN over
the years and we wish the best to the company going forward.”
Ms. Harman added, “Shihab and Bob’s
contributions to NN have been significant during their respective
tenures. Their extensive experience in the electrical, renewable
energy, automotive and advanced manufacturing industries has been
instrumental in the development of our long-term strategy. We have
relied on their expertise during times of significant transition in
our markets and our Company. On behalf of our Board of Directors
and the entire Company, I want to thank both Shihab and Bob for
their dedication and contributions to NN over the years, for their
leadership in effecting these board changes and wish them both the
very best.”
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. Information about the Company and its products
is available on the internet at www.nninc.com.
Except 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.
FOR FURTHER INFORMATION:
Investor & Media Contacts:
Joe Caminiti or Alec Steinberg, InvestorsTim Peters,
MediaNNBR@alpha-ir.com312-445-2870
NN (NASDAQ:NNBR)
Historical Stock Chart
From Apr 2024 to May 2024
NN (NASDAQ:NNBR)
Historical Stock Chart
From May 2023 to May 2024