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
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January25, 2019, the Board of Directors (the “Board”) of Horizon Global Corporation (the “Company”) elected Barry G. Steele as the Company’s Chief Financial Officer, effective February 18, 2019.
Mr. Steele, age 48, served as Vice President of Finance and Chief Financial Officer of Gentherm Incorporated (“Gentherm”), a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications for the automotive and medical markets, from 2004, and as its Treasurer from 2005, until January 2018. Mr. Steele will remain an employee of Gentherm into February 2018. Prior to joining Gentherm, Mr. Steele held various finance positions with Advanced Accessory Systems, LLC, at the time, a global supplier of specialty accessories to the automotive industry, from 1997 to 2004, including Chief Accounting Officer, Chief Financial Officer, Corporate Controller and Financial Reporting Manager. From 1993 to 1997, Mr. Steele was Senior Auditor with Price Waterhouse LLP.
In connection with his appointment as Chief Financial Officer, Mr. Steele will (i) receive an annual base salary of $400,000.00, (ii) be eligible to receive an annual short-term cash incentive award based on the performance of the Company, which is targeted at 60% 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 75% of base salary for 2019 and (iv) be a Tier II participant in the Company’s Executive Severance/Change of Control Policy. In addition, Mr. Steele 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.
In connection with Mr. Steele’s appointment as the Company’s Chief Financial Officer, Brian Whittman, managing director of Alvarez & Marsal North America, LLC, who has been serving as the Company’s interim Chief Financial Officer since November 9, 2018, will step down as interim Chief Financial Officer effective February 18, 2019, and will continue as Vice President, Finance and serve as the Company’s principal financial officer through the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 Form 10-K”). Mr. Steele will assume the role of the Company’s principal financial officer after the filing of the 2018 Form 10-K.
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.