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., also served as a member of the nominating and governance committee and the finance committee.
This resignation follows 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, stating that his engagement and collaboration have been instrumental to Garrett’s success. Mahony, in turn, expressed thankfulness to Garrett’s management and the board for their partnership, and pride in the strategic framework built to position Garrett for long-term success and sustained shareholder value.
Garrett Motion Inc. is a differentiated technology leader with a 70-year history of innovation in the automotive sector and beyond. The company's expertise in turbocharging has enabled significant reductions in engine size, fuel consumption, and CO2 emissions. Garrett is also 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 reported having six R&D centers, 13 manufacturing sites, and a team of more than 9,000 employees in over 20 countries. The company's mission is to enable the transportation industry to advance motion through unique, differentiated innovations. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $12.985. For more information, read the company's full 8-K submission here.
