Horizon Global Announces Appointment of John C. Kennedy as Interim President and Chief Executive Officer
21 Novembre 2022 - 10:45PM
Business Wire
Horizon Global Corporation (NYSE: HZN) (the “Company”),
announced today that the Company’s Board of Directors (the “Board”)
appointed John C. Kennedy as Interim President and Chief Executive
Officer. Kennedy will continue to serve as Chair of the Board. This
appointment follows the Board’s acceptance of Terrence G. Gohl’s
resignation from his executive positions and as a director.
“We remain focused on our strategic alternatives process, with
our clear objective being to enhance shareholder value,” stated
Kennedy. “We look forward to providing an update on this process
when appropriate. Further, as we assess the best long-term path for
the Company, we are determined to leverage our best-in-class
products and iconic brands to position Horizon Global for
sustainable growth and a return to historical profitability
levels.”
Kennedy continued, “We would like to thank Terry for his efforts
over the last three years. We appreciate his continued support of
Horizon Global moving forward.”
About Horizon Global
Headquartered in Plymouth, Michigan, Horizon Global is a leading
designer, manufacturer and distributor of a wide variety of
high-quality, custom-engineered towing, trailering, cargo
management and other related accessory products in North America,
Europe and Africa. The Company serves automotive original equipment
manufacturers, retailers, dealer networks and the end consumer as
the category leader in the automotive, leisure and agricultural
market segments. Horizon provides its customers with outstanding
products and services that reflect the Company's commitment to
market leadership, innovation and operational excellence. The
Company’s mission is to utilize forward-thinking technology to
develop and deliver premium products for our customers, engage with
our employees and create value for our shareholders.
Horizon Global is home to some of the world’s most recognized
brands in the towing and trailering industry, including Draw-Tite,
Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has
approximately 3,500 employees.
For more information, please visit www.horizonglobal.com.
Forward-Looking
Statements
This release may contain “forward-looking statements” as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements speak only as of the date they are made
and give our current expectations or forecasts of future events.
These forward-looking statements can be identified by the use of
forward-looking words, such as “may,” “could,” “should,”
“estimate,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “target,” “plan” or other comparable
words, or by discussions of strategy that may involve risks and
uncertainties.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties which could materially affect
our business, financial condition or future results including, but
not limited to, risks and uncertainties with respect to: the
outcome of the Company’s review of strategic alternatives; the
impact of the COVID-19 pandemic on the Company’s business, results
of operations, financial condition and liquidity, including,
without limitation, supply chain and logistics issues and
inflationary pressures; interest rate volatility; liabilities and
restrictions imposed by the Company’s debt instruments, including
the Company’s ability to comply with the applicable financial
covenants related thereto or obtain any necessary amendments or
waivers with respect to such financial covenants; market demand;
competitive factors; supply constraints and shipping disruptions;
material, logistics and energy costs, including the increased
material costs resulting from the COVID-19 pandemic; inflation and
deflation rates; the impact the conflict between Russia and Ukraine
has on our business, financial condition or future results,
including the duration and scope of such conflict, its impact on
disruptions and inefficiencies in our supply chain and our ability
to procure certain raw materials, as well as on our energy supply
in Europe; technology factors; litigation; government and
regulatory actions including the impact of any tariffs, quotas, or
surcharges; the Company’s accounting policies; future trends;
general economic and currency conditions, including recessionary
conditions and volatile interest rates; various conditions specific
to the Company’s business and industry; the success of the
Company’s action plan, including the actual amount of savings and
timing thereof; the success of the Company’s business improvement
initiatives in Europe-Africa, including the amount of savings and
timing thereof; the Company’s exposure to product liability claims
from customers and end users, and the costs associated therewith;
factors affecting the Company’s business that are outside of its
control, including natural disasters and severe weather conditions
(including those caused by climate change), global health
pandemics, accidents and governmental actions; our ability to
regain and remain in compliance with the New York Stock Exchange’s
continued listing requirements; our ability to continue as a going
concern; and other risks that are discussed in Part I, Item 1A,
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
twelve months ended December 31, 2021 and Part II, Item 1A, “Risk
Factors” in the Company’s subsequent Quarterly Reports on Form
10-Q. The risks described in the Company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q are not the only risks
facing our Company. Additional risks and uncertainties not
currently known to us or that we currently deemed to be immaterial
also may materially adversely affect our business, financial
position and results of operations or cash flows.
The cautionary statements set forth above should be considered
in connection with any subsequent written or oral forward-looking
statements that we or persons acting on our behalf may issue. We
caution readers not to place undue reliance on forward-looking
statements, which speak only as of the date of this release. New
risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
the Company. We do not undertake any obligation to review or
confirm analysts’ expectations or estimates or to release publicly
any revisions to any forward-looking statement to reflect events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events, except as otherwise required by
law.
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Matthew Meyer Horizon Global Corporation Chief Accounting
Officer (734) 656-3000 mmeyer@horizonglobal.com
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