Modine (NYSE: MOD) has announced a change in leadership within its Performance Technologies segment. Adrian I. Peace, the current president of the segment, will be stepping down from his role and will terminate employment with the company effective September 30, 2025. In the interim, Neil D. Brinker, Modine's president and chief executive officer, will assume leadership of the segment.
The company emphasized its commitment to repositioning the Performance Technologies segment towards a higher growth, higher margin mix of business. Modine is leveraging its 80/20 discipline to accelerate the transformation of the segment. The company's long-term strategy remains on track, with a focus on delivering strong financial results, including the goal of achieving 15% to 18% adjusted EBITDA margins over the next two years.
Modine plans to conduct a comprehensive search for Adrian I. Peace's successor to ensure continuity and effective leadership within the Performance Technologies segment.
As of now, Modine has more than 11,000 employees worldwide, operating in North America, South America, Europe, and Asia. The company's Climate Solutions and Performance Technologies segments are dedicated to improving air quality, reducing energy and water consumption, lowering harmful emissions, and enabling cleaner running vehicles and environmentally friendly refrigerants.
These changes in leadership and strategic focus indicate Modine's commitment to driving growth and profitability within its Performance Technologies segment, while continuing to uphold its mission of engineering a cleaner, healthier world. As a result of these announcements, the company's shares have moved -2.7% on the market, and are now trading at a price of $84.67. For the full picture, make sure to review Modine Manufacturing's 8-K report.
