Horizon Global recently announced that its board of directors has unanimously approved significant changes to its board composition and leadership to fulfill certain obligations related to the company’s recently completed $51 million second lien term loan.
The Horizon Global board announced the appointment of six new independent directors, including Frederick Henderson, John Kennedy, Ryan Langdon, Brett Milgrim, Mark Weber, and Harry Wilson, effective immediately. The board also announced the appointment of Kennedy as chair, effective immediately.
Additionally, the board announced the retirement of four directors, Richard DeVore, Scott Kunselman, Richard Siebert, and Maximiliane Straub, effective immediately. Carl Bizon, Denise Ilitch, and David Roberts will continue to serve as directors of Horizon Global.
With these announced changes, the board expands its membership to nine directors, eight of whom are independent. The new board members collectively bring extensive leadership experience, including operational and turnaround expertise. Additionally, several of the new board members are shareholders of the company, which significantly enhances the board’s alignment with all shareholders of Horizon Global.
“Horizon Global participated in a thoughtful process to name the six new directors, including constructive engagement with shareholders and other stakeholders,” said Bizon, president and CEO. “These new appointments demonstrate the board’s ongoing commitment to ensuring the Company drives improved performance across our operations and delivers value for our shareholders.”
“I want to express sincere gratitude to the board, including the directors who are retiring from the board, for their service to Horizon Global through its spin-off from TriMas Corp. and the important actions taken in the past year,” said Ilitch. “John Kennedy’s broad and relevant leadership experience makes him an excellent choice to serve as board chair, and I look forward to working with him and the rest of the board to move Horizon Global forward.”
Kennedy is currently the president and CEO of Autocam Medical, a privately held contract manufacturer of precision-machined implants and instruments for surgical applications, which he founded in 2005.
Henderson is currently chair of the board of directors of Adient, PLC, an automotive parts manufacturer focused on automotive seating and interiors, and formerly served as interim CEO of Adient.
Langdon is currently senior managing director and co-founder of Newport Global Advisors, an alternative investment firm specializing in turnaround and special situation investments, since 2005.
Milgrim is currently co-chair of the board of directors of Loar Group Inc., a privately held aerospace components manufacturer, and since 1999, a director of Builders FirstSource.
Weber is currently senior VP and COO of Federal Signal Corp., a global manufacturer of environment cleaning equipment, emergency signaling systems and industrial warning equipment.
Wilson is currently the founder and CEO of MAEVA Group, a turnaround and restructuring firm, which he founded in January 2011.
