Business
NN, Inc. Announces Plan to Reduce Board Size From Nine to Seven Members
Early retirement of two directors aligns with governance best practices and reduces go-forward corporate expenses CHARLOTTE, N.C., July 12, 2023 (GLOBE
About this update from Nn, Inc.
[{"type":"text","content":"Early retirement of two directors aligns with governance best practices and reduces go-forward corporate expenses\nCHARLOTTE, N.C., July 12, 2023 (GLOBE NEWSWIRE) -- NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that manufactures high-precision components and assemblies, today announced that as a part of its ongoing review of governance policies and commitment to operating consistently with best practices in corporate governance, its Board of Directors has decided to reduce the Board’s size from nine to seven members. As a result, independent directors Shihab Kuran and Robert E. Brunner offered to and will retire, effective August 23, 2023. Jeri Harman, Chairman of the Board of NN, commented, “As we benchmarked companies of similar-size and in our industry, we recognized the opportunity to enhance the efficiency of our board by reducing the size of our directorship. The smaller, more efficient Board will also reduce corporate costs while maintaining the independence and experience needed to guide our management team and drive value creation for the Company’s shareholders.” Mr. Brunner remarked, “Shihab and I, as a matter of good governance, fully agree with the decision to reduce the size of NN’s board. In an effort to maximize the benefits of this reduction, we decided to accelerate the timeline of our retirement to the end of August, as opposed to waiting until next year’s annual meeting. This has allowed us to complete our recent leadership transition and ensure a smooth process. We appreciate the opportunity that each of us have had to contribute to NN over the years and we wish the best to the company going forward.” Ms. Harman added, “Shihab and Bob’s contributions to NN have been significant during their respective tenures. Their extensive experience in the electrical, renewable energy, automotive and advanced manufacturing industries has been instrumental in the development of our long-term strategy. We have relied on their expertise during times of significant transition in our markets and our Company. On behalf of our Board of Directors and the entire Company, I want to thank both Shihab and Bob for their dedication and contributions to NN over the years, for their leadership in effecting these board changes and wish them both the very best.” About NN, Inc. NN, Inc., a global diversified industrial c...