TROY, Mich.--(BUSINESS WIRE)--Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today announced that Barry Steele has been named the Company’s Chief Financial Officer, effective February 18, 2019.
Steele will have responsibility for the Company’s global finance function including financial reporting, tax, treasury, and financial planning and analysis. Steele will be joining Horizon Global from his role as Chief Financial Officer at Gentherm Incorporated, a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications for the automotive and medical markets.
Commenting on Steele’s new role with the Company, Carl Bizon, Horizon Global’s President and Chief Executive Officer, stated, “After a comprehensive search conducted with the support of the Company’s Board of Directors, we are pleased that Barry Steele is joining Horizon Global as its Chief Financial Officer. Barry is a seasoned financial executive, with well-rounded and relevant experience helping lead companies in the automotive industry.
“As a proven leader, Barry’s ability to execute, his focus on financial leadership, and ability to drive operational excellence are expected to have an immediate impact on our business. I look forward to working closely with him and the rest of our global leaders to drive operational and financial performance improvement in the Americas and Europe-Africa to deliver shareholder value.”
Prior to joining Horizon Global and in addition to Steele’s CFO role at Gentherm Incorporated, he also served in a number of financial roles, including the role of Chief Financial Officer, at Advanced Accessory Systems, LLC, which was a leading global supplier of cargo management and towing systems to the automotive OEM and aftermarket. Steele is a Certified Public Accountant who began his career with Price Waterhouse LLP.
The Company also announced that Brian Whittman, a Managing Director of Alvarez & Marsal North America, LLC, who has been serving as interim CFO for Horizon Global since November 9, 2018, will continue to serve in that capacity until Steele joins the Company. After stepping down as interim CFO, Whittman will hold the title of Vice President, Finance through the filing of Horizon Global's 10-K.
Bizon concluded, “Horizon Global is a company with strong brands and great products that have a diverse customer base and broad global footprint supported by a team of approximately 4,300 dedicated global employees. The addition of Barry Steele to our management team is another important step forward in advancing the Company’s progress towards driving operational improvements and improving our overall financial performance. We have the right team and the right brands serving our customers across multiple channels of distribution. With a strong focus on execution, we intend to drive the profitability of this business and deliver value for our shareholders.”
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best-in-class products for our customers, engage with our employees and realize value creation for our shareholders.
Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: BULLDOG, Draw-Tite, Fulton, Hayman Reese, Reese, ROLA, Tekonsha, and Westfalia. Horizon Global has approximately 4,300 employees in 58 facilities across 21 countries.
Safe Harbor Statement
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the Company’s ability to regain compliance with the NYSE’s continued listing standards and maintain such compliance; the Company’s leverage; liabilities imposed by the Company’s debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation; government and regulatory actions, including the impact of any tariffs, quotas or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the spin-off from TriMas Corporation; the success of our Action Plan, including the actual amount of savings and timing thereof; risks inherent in the achievement of cost synergies and timing thereof in connection with the Westfalia acquisition, including whether the acquisition will be accretive; the Company’s ability to promptly and effectively integrate Westfalia; the performance and costs of integration of Westfalia; the timing and amount of repurchases of the Company’s common stock, if any; and other risks that are discussed in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
