Horizon Global Corporation (NYSE:HZN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 6, 2019, the Board of Directors (the “Board”) of Horizon Global Corporation (the “Company”) elected Jamie G. Pierson as the Company’s Chief Financial Officer, effective June 10, 2019.

Prior to joining the Company, Mr. Pierson, age 49, served as Chief Financial Officer of PrimeSource Building Products, Inc., a privately held distributor of building products, from January 2017. From November 2011 to December 2016, Mr. Pierson served as Chief Financial Officer of YRC Worldwide Inc., a publicly traded company that is a leading provider of transportation and global logistics services.>Prior to joining YRC Worldwide, from December 2008 to November 2011, Mr. Pierson served as Managing Director at Alvarez & Marsal, a privately held global professional services firm. From June 2007 to December 2008, Mr. Pierson was Vice President-Corporate Development and Integration with Greatwide Logistics Services, Inc., a privately held logistics company.

In connection with his appointment as Chief Financial Officer, Mr. Pierson will (i) receive an annual base salary of $500,000, (ii) be eligible to receive an annual short-term cash incentive award based on the performance of the Company, which is targeted at 50% of base salary for 2019, (iii) be eligible to receive an annual long-term incentive award under the Company’s Amended and Restated 2015 Equity and Incentive Compensation Plan, which has a target value of 50% of base salary for 2019, (iv) be a Tier II participant for purposes of the Company’s Executive Severance/Change of Control Policy, and (v) be entitled to receive reimbursement for expenses related to Mr. Pierson’s commute of up to $40,000 annually. In addition, Mr. Pierson will generally be eligible to participate in all other employee benefit plans and compensation programs that the Company maintains for its salaried employees and executive officers.

Barry G. Steele, who had been serving as Chief Financial Officer of the Company since February 18, 2019, has resigned from the Company effective June 10, 2019. Mr. Steele will be entitled to receive (i) accrued but unpaid base salary through the date of termination, and (ii) earned but unused vacation through the date of termination.

About Horizon Global Corporation (NYSE:HZN)

Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other related accessory products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through two segments: Cequent Americas and Cequent APEA. The Cequent Americas segment consists of two operating segments: Cequent Performance Products (CPP), a manufacturer of aftermarket and original equipment manufacturer (OEM) towing and trailering products and accessories, and Cequent Consumer Products (CCP), a provider of towing, trailering, vehicle protection and cargo management solutions serving the end user through retailers. The Cequent Americas segment has operates in North America, and its towing and trailering-related products are sold through retail, aftermarket and OE channels. The Cequent APEA segment focuses its sales and manufacturing efforts outside of the Americas, operating in Australia.