Board Appoints Richard D. Holder As President And CEO Of NN, Inc.
Roderick R. Baty to Retire
JOHNSON CITY, Tenn., May 10, 2013 /PRNewswire/ -- NN, Inc. (Nasdaq: NNBR) announced today that its Board of Directors has appointed Richard D. Holder to serve as President and Chief Executive Officer. Mr. Holder, who is currently the President of Electrical Components for Eaton Corporation's (ETN:NYSE) Electrical Sector, will begin his new role with NN effective June 3, 2013.
Mr. Holder is taking over the executive position being vacated by Roderick R. Baty who in September of 2012 announced his plan to retire in May of this year. Mr. Holder will also assume the remainder of Mr. Baty's unexpired term on the Board which runs through the annual meeting of 2015. The Board plans to elect a non-executive director to fill the Chairman position.
Director, Michael E. Werner, who headed the search committee stated, "Following a comprehensive search, we are pleased to name Rich Holder as NN's new President and Chief Executive Officer. Rich brings a proven record of leadership, successful team building and relevant experience in both organic and acquisitive growth that will prove invaluable in guiding NN in the future and ensuring the continuation of our legacy of growth and success."
Mr. Werner continued, "We are grateful to Rock for his outstanding leadership during his 15 year tenure as CEO and Chairman of NN's Board of Directors. His strategic vision, guidance and leadership have been instrumental in the growth and development of NN into a major global supplier in the bearing industry. We wish him and his family the best in retirement."
"This is a critical time in NN's developing history and I am honored and grateful for the opportunity given to me by the Board of Directors," stated Mr. Holder. "NN's rich history, culture and financial strength provide a solid foundation to further build upon. I am looking forward to working closely with the Board and the NN leadership team in continuing to develop strategic growth initiatives that will further enhance NN's global position in its current core businesses as well as identifying and developing new strategic growth opportunities," said Mr. Holder.
Prior to joining NN, Mr. Holder served in a variety of leadership positions at Eaton Corporation, a diversified global leader in power management and electrical systems. Most recently he served as the President of Eaton Electrical Components, a division of Eaton Corporation's Electrical Sector. Other leadership positions at Eaton include Executive Vice President of Eaton Business System, Vice President and General Manager of the Power Distribution and Assemblies Division, and Vice President Supply Chain and Operational Excellence. Prior to joining Eaton, Mr. Holder served as Director of Aircraft & Technical Purchasing for US Airways and also held a variety of leadership positions at AlliedSignal Corporation and Parker Hannifin Corporation.
NN, Inc. manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 10 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had sales of US $370 million in 2012.
SOURCE NN, Inc.
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