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NN, Inc. has appointed Warren Veltman, Executive Vice President of the company’s Mobile Solutions group, as its Interim President and Chief Executive Officer, effective immediately. He succeeds Richard Holder who is, by mutual agreement with the Board, stepping down as President and Chief Executive Officer, as well as from his role as a director.
Mr. Veltman has served as Executive Vice President of NN’s Mobile Solutions group since 2014, when he joined NN during its acquisition of Autocam Corporation, manufacturer of automotive components. Mr. Veltman previously served as CFO and Treasurer of Autocam Corporation, and of medical device manufacturer Autocam Medical.
Veltman’s immediate priority will be to identify efficiencies and cost improvements throughout the business to enhance margins and generate improved free cash flow to continue de-levering, while still supporting the needs of higher-growth business segments.
Thomas DeByle has joined NN as its Senior Vice President and Chief Financial Officer.
Robert Brunner, Chairman of the Board, remarked, “While NN has made progress on its strategic priorities, the company must focus on sharpening its execution and strengthening its balance sheet in order to drive improved financial and operational performance and enhance long-term shareholder value. The company has undergone a significant transformation over the past several years, and we now need new leadership to help guide NN through its next phase of evolution. We intend to build on the actions we have already taken to better position NN for the future.”
NN’s businesses include NN LifeSciences, serving the medical device community with 15 locations across North America, Europe and Asia. NN Life Sciences has expertise in the design, validation and advanced manufacturing of products for the Life Sciences market. Its portfolio includes cases and trays, reusable and single-use surgical instruments, implantable components, drug delivery and other specialty medical devices.
Source: NN, Inc.
