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NN, Inc. Appoints Tim French as COO By

NN, Inc. (NNBR) Appoints Tim French as COO

NN , Inc. (NASDAQ:), a global diversified industrial company that manufactures high-precision components and assemblies, today announced the appointment of Tim French, Senior Vice President and Chief Operating Officer, effective August 10, 2023. In this role, he is responsible for leading the company’s operations team of approximately 3,000 employees in six countries and helping generate significant business transformation. Mr. French brings 35 years of experience in manufacturing, operations, and business transformation. He will report directly to Harold Bevis, NN’s new President and Chief Executive Officer.

“Tim is an experienced leader and a business transformation veteran, having led several in his career,” said Mr. Bevis. “I am excited to be partnering with Tim again as we have been very successful working together before. He is a strategic thinker and adds important depth to our already talented leadership team. His experience in manufacturing, operational excellence and discipline are critical to NN achieving its short-term and long-term goals.”

“I am thrilled to be partnering with Harold for the third time and joining NN,” said Mr. French. “The company is well known for manufacturing excellence and precision engineering, and there is tremendous potential given NN’s talent, expertise, and global customer base. I’m looking forward to joining the experienced leadership team to drive NN’s growth and transformation.”

Over the past 13 years Mr. French, a native of Ontario, Canada, has served in COO and CEO roles for manufacturers where he successfully led transformation initiatives ranging from operational, restructuring, lean manufacturing, and post-M&A integration with a track record for substantial improvement in operational efficiency improvements, cost reduction, and capital management. He began his leadership career as a plant manager and has worked in operational, management, and leadership roles in packaging, equipment, and industrial manufacturing. Mr. French holds an MBA from the University of Athabasca.

As a material inducement for Mr. French to enter employment with the Company, the Board of Directors approved the grant of the following inducement equity awards (collectively, the Inducement Awards), granted outside the Company’s stockholder-approved equity incentive plan, with a grant date of August 8, 2023: (i) 330,000 time-vesting restricted stock units (RSUs), which will vest ratably in one-fifth increments on each of the first five anniversaries of the grant date; and (ii) 560,000 performance-vesting RSUs (PSUs), 70,000 of which will be earned upon the Company’s average stock price meeting or exceeding a price of $ 4.00 per share over a period of 20 consecutive days, with an additional 70,000 PSUs being earned for each dollar increase to the average stock price thereafter, with a cap of $ 11.00, subject further to a five-year vesting period.

As a result of the Inducement Grants, the Company does not anticipate granting any further equity, as part of his annual compensation or otherwise, to Mr. French before 2028, and as such, the Inducement Awards, effectively serve as his 2023, 2024, 2025, 2026 and 2027 annual long-term incentive awards. The Company designed the Inducement Awards, in part, to (i) replace, in the case of the RSUs, the compensation forfeited by Mr. French when he joined NN, (ii) align, in case of the PSUs, the interests of Mr. French and the Company’s shareholders, as the equity is only earned as shareholders experience value creation, and (iii) prioritize retention of Mr. French through the entire five-year performance and vesting periods.

This story originally appeared on Investing

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