Horizon Global Announces Fritz Henderson Not Standing for Board Reelection

Rhea-AI Summary

Horizon Global Corporation (NYSE: HZN) announced the appointment of Donna M. Costello as the new Chair of its Audit Committee, effective immediately. This follows the decision of Frederick A. Henderson, the previous chair, not to seek reelection at the upcoming 2022 Annual Meeting. Mr. Henderson served on the Board since 2019 and contributed significantly to the Audit Committee. Ms. Costello joined the Board in June 2021 and is also chair of the audit committee at Neenah, Inc. This leadership transition aims to ensure continued guidance and oversight for Horizon Global.

Positive

• Appointment of Donna M. Costello as Audit Committee Chair to ensure continuity in leadership.
• Frederick A. Henderson praised the company's leadership and board support.

Negative

• Frederick A. Henderson's departure from the Board raises concerns about the loss of experience.

Donna M. Costello appointed Audit Committee Chair

PLYMOUTH, Mich.--(BUSINESS WIRE)-- Horizon Global Corporation (NYSE: HZN), the world’s leading manufacturer of branded towing and trailering equipment, previously announced that Frederick A. (Fritz) Henderson, currently a director on the Company’s Board, with a term expiring at the Company’s 2022 annual stockholder meeting (“2022 Annual Meeting”), will not stand for reelection at the 2022 Annual Meeting. Mr. Henderson served as Chair of the Board’s Audit Committee. The Board appointed Donna M. Costello as Chair of the Audit Committee, effective immediately.

“On behalf of the Horizon Global Board, I would like to thank Fritz for his leadership,” stated John Kennedy, Chair of the Board of Horizon Global. “Fritz’s strategic guidance has been essential at both the Board and Audit Committee levels. We are grateful for his many contributions to Horizon Global. We would also like to thank Donna for stepping into her new role as Audit Committee Chair and we look forward to Donna’s immediate impact and leadership.”

Mr. Henderson commented, “I strongly believe in Horizon Global’s CEO Terry Gohl and his leadership team, supported by a Board that has consistently rolled up its sleeves to provide guidance during my tenure. I want to thank John Kennedy for his leadership of the Board since we began serving together in April 2019. It has been an honor to serve on the Horizon Global Board and I look forward to supporting Donna in her new leadership role.”

Mr. Henderson was appointed to the Company’s Board and as Chair of its Audit Committee in 2019. Mr. Henderson was recently named lead director of Marriot International, Inc. and also serves as chair of the boards of Adient, PLC and Arconic Corporation.

Ms. Costello was appointed to the Company’s Board and as a Member of its Audit Committee in June 2021. Ms. Costello serves on the boards of CTS Corporation and Neenah, Inc. Ms. Costello serves as chair of Neenah’s audit committee.

About Horizon Global

Headquartered in Plymouth, MI, Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver premium products for our customers, engage with our employees and realize value creation for our shareholders.

Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 3,800 employees.

For more information, please visit www.horizonglobal.com.

Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. Forward-looking statements speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition and liquidity, including, without limitation, supply chain and logistics issues and inflationary pressures; liabilities and restrictions imposed by the Company’s debt instruments, including the Company’s ability to comply with the applicable financial covenants related thereto; market demand; competitive factors; supply constraints and shipping disruptions; material, logistics and energy costs, including the increased material costs resulting from the COVID-19 pandemic; inflation and deflation rates; technology factors; litigation; government and regulatory actions including the impact of any tariffs, quotas, or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the success of the Company’s action plan, including the actual amount of savings and timing thereof; the success of the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company’s exposure to product liability claims from customers and end users, and the costs associated therewith; factors affecting the Company’s business that are outside of its control, including the impact of the conflict between Russia and Ukraine, natural disasters, pandemics, including the current COVID-19 pandemic, accidents and governmental actions; and other risks that are discussed in Part I, Item 1A, “Risk Factors.” in the Company’s Annual Report on Form 10-K for the twelve months ended December 31, 2021. The risks described in the Company’s Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220401005466/en/

Jeff Tryka, CFA

Investor Relations, Lambert & Co.

(616) 295-2509

jtryka@horizonglobal.com

Source: Horizon Global Corporation

FAQ

Who has been appointed as the new Audit Committee Chair of Horizon Global (HZN)?

Donna M. Costello has been appointed as the new Audit Committee Chair of Horizon Global (HZN).

Why is Frederick A. Henderson stepping down from his role at Horizon Global (HZN)?

Frederick A. Henderson has chosen not to stand for reelection at the 2022 Annual Meeting.

What is the significance of the Audit Committee Chair appointment for Horizon Global (HZN)?

The appointment of a new Audit Committee Chair is significant as it ensures continuity and oversight of the company's financial practices.