Adient announces Raymond L. Conner will not stand for re-election to Board of Directors

Rhea-AI Summary

Adient (NYSE: ADNT) announced that Raymond L. Conner will not seek re-election to the board of directors at the annual general meeting on March 7, 2023. Conner has been a board member since the company's spin-off in 2016 and currently serves as Chair of the Corporate Governance Committee. His leadership has been significant, having previously held roles at The Boeing Company, including Vice Chairman. Following his departure, Adient's board will be reduced to eight directors. This change reflects the company’s ongoing governance adjustments and commitment to strategic leadership.

Positive

• Conner's tenure brought valuable insights since 2016.
• Board restructuring may enhance governance and strategic focus.

Negative

• Loss of a seasoned board member may affect continuity.
• Potential experience gap in governance following Conner's departure.

PLYMOUTH, Mich., Jan. 24, 2023 /PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive seating, today announced that Raymond L. Conner will not stand for re-election to the company's board of directors at the company's annual general meeting on March 7, 2023.

Conner currently serves as Chair of Adient's Corporate Governance Committee and as a member of its Human Capital and Compensation and Executive Committees. Prior to joining Adient's board, Conner served as Vice Chairman of The Boeing Company from 2013 until his retirement in 2017 and as President and Chief Executive Officer of Boeing Commercial Airplanes from 2012 to 2016.

"Ray has served on our Board since our spin-off in 2016, providing valuable insights and counsel to the management team and his colleagues on the Board," said Frederick A. Henderson, Chair of the Board of Adient. "On behalf of the leadership team and Board, we thank Ray for his significant contributions to Adient."

Adient's board has taken action to reduce the size of the board to eight directors when Conner's term expires immediately following the 2023 annual general meeting of shareholders, scheduled for March 7, 2023.

About Adient:

Adient (NYSE: ADNT) is a global leader in automotive seating.  With approximately 70,000+ employees in 30 countries, Adient operates more than 200 manufacturing/assembly plants worldwide. We produce and deliver automotive seating for all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design to engineering and manufacturing — and into millions of vehicles every year. For more information on Adient, please visit www.adient.com.

ADNT-FN

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SOURCE Adient

FAQ

Why is Raymond L. Conner not standing for re-election to Adient's board?

Raymond L. Conner has chosen not to seek re-election at Adient's annual general meeting on March 7, 2023, following his significant contributions since 2016.

What role did Raymond L. Conner hold at Adient?

He served as Chair of the Corporate Governance Committee and was a member of the Human Capital and Compensation and Executive Committees.

What will happen to Adient's board after Conner's departure?

Adient's board will be reduced to eight directors after Conner's term ends.

How long did Conner serve on Adient's board?

Conner served on Adient's board since its spin-off in 2016.