Adient seeks new CEO

United States
Published:  13 June, 2018

The manufacturer of automotive seating systems and components has announced that its Board of Directors has commenced a comprehensive search process to identify a new CEO as Bruce McDonald steps down from his role as Chairman and CEO with immediate effect.

Adient has appointed Frederick A. Henderson as interim Chief Executive Officer and John M. Barth, Adient's current Lead Director, as interim Chairman of Adient's Board. McDonald is to remain as an advisor to the CEO until September 30, 2018.

"Bruce McDonald made significant contributions during the formation of Adient to ensure a successful spin-off," said Barth. "Bruce and the Board agree that now is the right time for a new leader with a fresh perspective to drive value in the next phase of Adient's life as a public company. Fritz brings the right leadership skills and operational experience to step in and immediately accelerate our transformation, providing the time to conduct an expeditious and thoughtful search for a new CEO."

Meanwhile, Johnson Fistel, a U.S. based shareholder rights law firm, said it is investigating “potential claims” on behalf of Adient’s investors. Following the announcement of McDonald’s departure on June 11, shares of Adient are reported to have plunged more than -17% in early market trading.