Ms. Harman commented, “I am honored to be appointed Chairman of NN’s Board. Bob’s leadership has been influential in creating the more nimble and focused organization that NN is today, and I look forward to continuing to work closely with him, the Board and NN leadership to continue building on our collective efforts to strengthen NN’s position as a leading diversified industrial company.”
In addition, the Company announced that Directors David Floyd and Steven Warshaw will be stepping down from NN’s Board of Directors. Mr. Floyd, a member of the Board since 2016, will retire from the Board effective January 4, 2021. Mr. Warshaw, a member of the Board since 1997, will retire from the Board and not seek reelection at the 2021 Annual Stockholders Meeting. Effective January 4, 2021, Raynard Benvenuti will serve as Chair of the Compensation Committee and Christina Carroll will serve as Chair of the Governance Committee. Mr. Benvenuti and Ms. Carroll will continue to serve as members of the Audit Committee.
Mr. Brunner continued, “We want to thank both David and Steven for their service to NN’s Board of Directors. David’s deep knowledge of the medical technology industry was instrumental as we built out the Life Sciences business over the last several years, culminating in the sale of the business this past October. Steven’s trusted guidance over two decades and his collective contributions have made a significant and lasting impact on NN.”
The Board of Directors has established a search committee that will initiate a process to replace both Director seats.
NN, Inc., a 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 30 facilities in North America, Europe, South America, and China.
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, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “assumptions”, “target”, “guidance”, “outlook”, “plans”, “projection”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “potential” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, the impacts of the coronavirus (COVID-19) pandemic on the Company’s financial condition, business operations and liquidity, inventory levels, regulatory compliance costs and the Company’s ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company’s dependence on certain major customers, and the successful implementation of the global growth plan including
