NN, Inc. (NASDAQ:NNBR) announced nowadays the appointment of Harold Bevis as the President and Main Executive Officer (CEO). Bevis, an market veteran with comprehensive practical experience in electric automobiles (EVs), know-how, and small business transformation will suppose the part efficient May possibly 22, 2023. The announcement comes as part of NN’s prepared government transition, succeeding Warren Veltman, who will retire just prior to Bevis’s get started day. Bevis’s experience in the electric car and know-how sectors will make him properly-suited to lead NN in its focused end marketplaces.
Harold Bevis delivers over 25 decades of enterprise leadership experience to NN. He has beforehand held CEO positions at various businesses, which includes Industrial Automobile Group, Inc. (NASDAQ:CVGI), where by he shown results in driving new company wins in the electric powered vehicle market and repositioning the firm in direction of electrification, automation, and connectivity. Prior to his knowledge at CVGI, Mr. Bevis was Chairman and CEO of Boxlight, a startup organization centered on instruction engineering methods. Beforehand, Mr. Bevis led a range of corporations in the packaging marketplace, such as as President and CEO of Xerium Technologies, Inc., Chairman and CEO of Prolamina, and President and CEO of Pliant Corporation. Mr. Bevis has a bachelor’s degree in industrial engineering from Iowa State University, and an MBA in marketing from Columbia Business College.
Jeri Harman, Chairman of the Board of NN, mentioned, “The Board of NN is delighted to welcome Harold Bevis as the Company’s new President and Main Executive Officer. Harold delivers an impressive track report of operational excellence and driving growth in core, new and adjacent markets. All through his job, he has designed a deep know-how and substantial market experience in electric powered motor vehicles, interaction systems, and electrical factors and assemblies which can be immediately utilized to NN’s largest focused conclude marketplaces. We imagine Harold has the appropriate competencies in company transformation and optimization, empowering groups, and benefit development, which will allow for NN to push sustainable expansion and increase shareholder price.”
Bevis highlighted NN’s placement at the convergence of electric car traits and the increasing demand from customers for advancements in the electric power grid and other clear energy programs. He programs to leverage his expertise and experience to tap into these options and additional change NN’s organization. By supplying precision parts and assemblies to global consumers, the firm aims to enjoy a vital job in conference the growing worldwide electrical power need as very well as advancement in electrical and hybrid vehicles.
To incentivize Bevis’s employment with NN, the Board of Directors permitted the grant of inducement fairness awards. These awards include time-vesting limited stock units (RSUs) and general performance-vesting RSUs, which are tied to the company’s inventory rate assembly certain milestones. These involve (i) 1,500,000 time-vesting limited inventory models (RSUs), which will vest ratably in 1-fifth increments on just about every of the to start with 5 anniversaries of the grant day and (ii) 2,500,000 general performance-vesting RSUs (PSUs), 250,000 of which will be earned on the Company’s average inventory cost conference or exceeding a value of $2.00 for every share more than a time period of 20 consecutive days, with an supplemental 250,000 PSUs remaining attained for each individual greenback increase to the average inventory price tag thereafter, with a cap of $11.00, subject further more to a 5-calendar year vesting period of time. The Inducement Awards serve as Bevis’s annual extended-expression incentive awards from 2023 to 2027.
The appointment of Harold Bevis as the new CEO of NN alerts the company’s strategic aim on electric powered vehicles, technological know-how, and company transformation. With his expertise and know-how in these regions, Bevis is perfectly positioned to lead NN into a period of sustainable expansion. Buyers will be closely looking at the firm’s general performance below Bevis’s leadership, notably in its targeted conclusion marketplaces and its skill to capitalize on the worldwide shift to electric motor vehicles and progress in the electricity grid.
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