CHARLOTTE, NC, June 24, 2024 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that designs and manufactures high-precision components and assemblies, today announced the appointment of Chris Bohnert as Chief Financial Officer, effective June 25, 2024. Bohnert brings over 30 years of leadership experience in global manufacturing as an accomplished CFO, with extensive experience in successful corporate transitions and deep accounting expertise. Bohnert will report directly to NN’s Chief Executive Officer, Harold Bevis. Bohnert succeeds Mike Felcher, who is leaving the company to pursue other opportunities. Felcher will remain with the company as an advisor to assist with the transition.
“Chris’ extensive experience in manufacturing turnarounds, IT, investor relations and banking will be an immediate asset,” said Harold Bevis, President and CEO of NN, Inc. “Chris and I have worked together before and now is the right time for this change. We will increase the pace and expand our goals. Chris is business savvy, proactive and has a track record of delivering results. This will accelerate NN’s transformation.”
Bohnert has extensive experience in senior financial leadership roles at public and private equity companies. Most recently, he served as Advisor to the CEO of Commercial Vehicle Group (CVG), and prior to that as EVP and CFO. In his role at CVG, he led a global team of 200 people in finance, accounting and IT and was involved in a significant restructuring of the company. Bohnert has also held senior financial leadership roles at Calumet, Titan International, Silgan Plastics and Fleischmann’s Yeast.
“I am extremely honored to join NN and help the team achieve its transformation goals,” said Bohnert. “This role represents a unique opportunity to combine my financial background in banking and investor relations with my expertise in global operations, IT and manufacturing. The company has significantly improved its operations, cash flow and profitability over the past year and I believe we have a great opportunity to increase the pace and scale of our efforts. This will help us drive value for all of our stakeholders.”
As a material incentive for Mr. Bohnert to enter into employment with the Company, the Board of Directors approved the grant of the following incentive stock awards (collectively, the “Incentive Awards”), which will be granted outside of the Company’s shareholder-approved stock incentive plan and have a grant date of June 25, 2024: (i) 189,000 time-vested Restricted Stock Units (RSUs) that will vest in one-fifth increments on the first five anniversaries from the grant date; and (ii) 287,000 performance-vested RSUs (PSUs), of which 41,000 will be earned when the Company’s average stock price equals or exceeds $5.00 per share for a 20 consecutive day period, with an additional 41,000 PSUs earned for each additional dollar of increase in the average stock price, capped at $11.00, subject to a five-year vesting period.
As a result of the Incentive Awards, the Company does not expect to grant Mr. Bohnert any additional shares as part of his annual compensation or otherwise prior to 2029, and therefore the Incentive Awards effectively serve as his annual long-term incentive awards for 2024, 2025, 2026, 2027 and 2028. The Company designed the Incentive Awards in part to (i) in the case of the PSUs, align the interests of Mr. Bohnert and the Company’s shareholders, as the shares are only earned when shareholders experience value creation, and (ii) to prioritize the retention of Mr. Bohnert throughout the five-year performance and vesting period.
About NN, Inc.
NN, Inc., a globally diversified industrial company, combines advanced engineering and manufacturing capabilities with deep materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. NN is headquartered in Charlotte, North Carolina, and has offices in North America, Europe, South America and Asia. For more information about the company and its products, visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are included for purposes of complying with such safe harbor provisions. Except for specific historical information, many of the matters discussed in this press release may be express or implied projections of revenues or expenses, statements regarding plans and objectives or future operations, or statements regarding future economic performance. These statements may discuss objectives, intentions and expectations regarding future trends, plans, events, results of operations or financial condition, or contain other information regarding NN, Inc. that is based on management’s current beliefs, assumptions and information currently available to management. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “might,” “possible,” “potential,” “predict,” “project” or other similar words, terms or expressions. Forward-looking statements involve numerous risks and uncertainties that are beyond management’s control that could cause actual results to differ materially from those in these forward-looking statements. Such factors include, among others, general economic conditions and industrial sector economic conditions; the impact of pandemics, epidemics, disease outbreaks and other public health crises on our financial condition, business operations and liquidity; competitive influences; the risk that current customers will commence or increase in-house production; the risk of underutilization; quality issues; significant changes in the cost and availability of raw materials; economic, social, political and geopolitical instability, military conflicts, currency fluctuations and other risks of doing business outside the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and work stoppages along the supply chain; our dependence on certain major customers, some of which are not parties to long-term contracts (and/or may be terminated at short notice); the impact of acquisitions and divestitures and the expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions in our debt agreements; our ability to obtain financing at favorable interest rates, if at all, and to refinance existing debt as it matures; new laws and government 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 interruptions. 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 with the Securities and Exchange Commission. Each forward-looking statement speaks only as of the date of this press release and the Company undertakes no obligation to publicly update or revise 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 arise from time to time and it is not possible for the Company to predict their occurrence or their impact on the Company. The Company includes these cautionary statements with all forward-looking statements.
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