Horizon Global Corp., a manufacturer of branded towing and trailering equipment, announces its board of directors unanimously approved changes to its board composition and leadership to fulfill obligations related to the company’s recently completed $51 million second lien term loan.
The board announced the appointment of six new independent directors, including Frederick “Fritz” Henderson, John Kennedy, Ryan Langdon, Brett Milgrim, Mark Weber and Harry Wilson, effective immediately. The board also announced the appointment of John Kennedy as Chair, effective immediately.
Four directors announced their retirement, effective immediately, including Richard DeVore, Scott Kunselman, Richard Siebert and Maximiliane Straub. Board members continuing their service include Carl Bizon, Denise Ilitch and David Roberts.
The newly expanded board consists of nine directors, eight of whom are independent. Collectively, the new board has extensive leadership experience, especially with business operations and turnarounds.
“Horizon Global participated in a thoughtful process to name the six new directors, including constructive engagement with shareholders and other stakeholders,” Horizon Global President and CEO Carl Bizon said. “These new appointments demonstrate the board’s ongoing commitment to ensuring the company drives improved performance across our operations and delivers value for our shareholders.”