NN, Inc. Appoints Ray Benvenuti to its Board of Directors

About this update from Nn, Inc.

[{"type":"text","content":"Director David L. Pugh to Retire\n\n\nCHARLOTTE, N.C., Feb. 3, 2020 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced that its board of directors has voted to expand the board by appointing Ray Benvenuti, Founder and Managing Director of Concord Investment Partners, as an independent director of the Company. It is the board's intention to nominate Mr. Benvenuti, along with the other independent directors added in 2019, to stand for election at the Company's annual meeting, to be held in May 2020. Mr. Benvenuti brings to the board extensive experience as a senior executive, director and advisor to various aerospace, automotive and manufacturing companies, including in turnaround and highly leveraged situations, as well as valuable strategic, financial, operational and corporate governance expertise.\nNN also announced that David L. Pugh will retire from its board of directors, effective at the time of NN's annual meeting. Mr. Pugh has served as a director since 2012. Upon Mr. Pugh's retirement, NN will reduce the size of its board of directors from nine to eight.\nRobert Brunner, Non-Executive Chairman of the Board, said, \"We are excited to welcome Ray to NN's board. We expect his expertise in aerospace, automotive, restructuring and operations will be enormously valuable as we complete our review of strategic alternatives and continue to execute on our strategic plan.\"\nWarren Veltman, Interim President & Chief Executive Officer, commented, \"I look forward to working closely with Ray and benefitting from his broad experience as we continue to build on our efforts to enhance performance, execute on our cost savings initiatives and improve free cash flow generation while continuing to de-lever.\" \nMr. Benvenuti said, \"I am excited to leverage my experience to help NN's board and management advance NN's strategic growth plan and position the Company for long-term success as it completes its review of strategic alternatives.\"\nMr. Pugh commented, \"I am privileged to have served on NN's board for the past eight years as the company transformed from a ball and roller company into a more diversified industrial business.\"\nMr. Brunner continued, \"Since joining the NN board eight years ago, Dave has provided valuable insights and perspectives as we helped guide the company through a signi...

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