- Push-out Score determined
- After about six and a half years in the position
- Thanks and good wishes for Holder
- Warren Veltman taking over in the interim
- Search for a successor
(exechange) — Charlotte, North Carolina, September 16, 2019 — Rich Holder, chief executive of NN Inc., leaves — “by mutual agreement with the Board.” As announced by NN Inc. in a news release and in a regulatory filing published on Monday, September 16, 2019, Richard D. (Rich) Holder leaves his post as Chief Executive Officer at the manufacturer of high-precision metal and plastic components after about six and a half years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
NN Inc. will undertake a search for a successor.
Rich Holder’s duties as CEO will be taken over in the interim by Warren A. Veltman, most recently Executive Vice President of the Mobile Solutions group of NN, Inc., as interim Chief Executive Officer.
“The Company must focus on sharpening its execution and strengthening its balance sheet”
A reason for Rich Holder’s departure from the CEO post was not explicitly provided. Robert Brunner, Chairman of the Board, said: “While NN has made progress on its strategic priorities, the Company must focus on sharpening its execution and strengthening its balance sheet in order to drive improved financial and operational performance and enhance long-term shareholder value.”
Precise information regarding Rich Holder’s future plans was not immediately available.
“Is stepping down/departed”
NN Inc. said that Richard Holder, “by mutual agreement with the Board, is stepping down as President and Chief Executive Officer, as well as from his role as a director.”
NN Inc. further said: “Mr. Veltman succeeds Richard D. Holder as the Company’s President and Chief Executive Officer, who has departed the Company, effective immediately.”
“Not the result of any disagreement”
“In connection with his resignation as President and Chief Executive Officer, Mr. Holder also resigned his position as a director of the Company effective as of September 13, 2019. His resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Following Mr. Holder’s departure, Mr. Veltman was appointed to the Board, effective September 15, 2019,” NN Inc. said.
Share price decline
The announcement follows a decline in NN, Inc.’s share price of 69% since January 2018.
Chaired by Robert Brunner
NN, Inc. is chaired by Robert Brunner.
Robert E. Brunner has been a member of the Board since 2012.
In the position of CEO since 2013
Rich Holder became CEO of the Company in June 2013.
Richard D. Holder has been a member of the Board and President and Chief Executive Officer of the Company since 2013.
Since February 2017, Holder has served on the board of directors of Actuant Corporation, a publicly held, global diversified industrial company.
Prior to joining the Company, Holder served as President of the Eaton Electrical Components Group of Eaton Corporation’s Electrical Sector from 2010 to 2013, Executive Vice President of Eaton Business Systems from 2007 to 2010, Vice President and General Manager of the Power Distribution and Assemblies Division from 2004 to 2006 and Vice President Supply Chain and Operational Excellence from 2001 to 2004.
Prior to joining Eaton, Holder served as Director of Aircraft & Technical Purchasing for US Airways from 1999 to 2001.
Prior to this position, Holder held a variety of leadership positions at Allied Signal Corporation, an aerospace, automotive and engineering company, and Parker Hannifin Corporation, a global motion and control technology manufacturer.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to NN Inc. and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2019 ($).