Business
NN, Inc. Announces Cooperation Agreement with Corre Partners, Adds New Independent Director
CHARLOTTE, N.C., May 14, 2021 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced its Board of Directors has voted to
About this update from Nn, Inc.
[{"type":"text","content":"CHARLOTTE, N.C., May 14, 2021 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced its Board of Directors has voted to expand its Board by appointing Dr. Rajeev Gautam, President and Chief Executive Officer of Performance Materials and Technologies of Honeywell International Inc., as a director, effective immediately. \nNN will also nominate Dr. Gautam to stand for election at the Company's upcoming annual meeting of shareholders to be held on May 27, 2021. This nomination will be included in a supplement to the proxy statement to be mailed to NN stockholders and filed with the Securities and Exchange Commission.\nThese actions follow constructive dialogue and collaboration with Corre Partners Management, LLC (\"Corre Partners\"), an investment firm whose affiliated funds are long-time, significant stockholders of the Company. Today's announcement reflects the Company's entry into an associated cooperation agreement between NN, Corre Partners, and certain of its affiliates.\n\"Dr. Gautam's broad managerial and leadership experience within a large public company will bring valuable guidance to NN, and we welcome him to our Board,\" commented Jeri Harman, Chairman of NN's Board of Directors. \"The knowledge he brings, including commercialization of products across multiple applications, will help shape NN's future direction.\" \nWarren Veltman, NN President and Chief Executive Officer, said, \"The extensive career of Dr. Gautam will offer unique insights for our Mobile and Power Solutions businesses, as his technical expertise in manufacturing, process technologies, and performance materials is sure to add operational and long-term strategic value.\"\n\"The addition of Dr. Gautam as an independent director will add experienced business leadership and valuable strategic expertise to the Board as NN accelerates its commercial efforts to capitalize on the significant secular growth opportunities in its end markets today,\" said John Barrett, Managing Partner of Corre Partners. \"We appreciate Jeri's leadership and NN's commitment to strengthening its Board at this pivotal moment in its operating life cycle. This is a positive addition for all NN shareholders.\"\nDr. Gautam said, \"I look forward to working with the Board and management team to provide insights based on my experience that will sup...