Garrett Motion Inc. (NASDAQ: GTX) has announced the resignation of Kevin Mahony from its board of directors. Mahony, who joined the board in January 2023 as a designee of funds affiliated with Centerbridge Partners, L.P., has also served on the nominating and governance committee and the finance committee. His resignation comes as a result of Centerbridge's divestiture of a significant portion of its ownership stake in Garrett, which now holds less than 5% of the company's common stock.
Daniel Ninivaggi, chairman of the board of Garrett, expressed gratitude for Mahony's contributions, acknowledging his deep engagement and collaboration that have been instrumental to Garrett's success. Mahony, in turn, expressed his thanks to Garrett's management and the board for their partnership and highlighted the strategic framework built to position Garrett for long-term success and sustained shareholder value.
Garrett Motion Inc., a leading differentiated automotive technology provider, has a 70-year history of innovation in the automotive sector, with expertise in turbocharging that has enabled significant reductions in engine size, fuel consumption, and CO2 emissions. The company is expanding its impact by developing technology solutions for zero-emission vehicles, such as fuel cell compressors for hydrogen fuel cell vehicles, as well as electric propulsion and thermal management systems for battery electric vehicles. Garrett has six R&D centers, 13 manufacturing sites, and a team of more than 9,000 employees across more than 20 countries.
In terms of financial metrics, it's important to note that the press release did not include specific figures or changes in financial metrics from the last period. As a result of these announcements, the company's shares have moved -0.91% on the market, and are now trading at a price of $13.05. If you want to know more, read the company's complete 8-K report here.
