RACINE, Wis., Nov. 30, 2020 /PRNewswire/ -- Modine
Manufacturing Company (NYSE: MOD), a diversified global leader in
thermal management technology and solutions, today announced that
its Board of Directors has appointed Neil
D. Brinker as the Company's President and Chief Executive
Officer and a member of its Board of Directors, effective
December 1, 2020.
"We are very excited to name Neil as our next President and
CEO," said Marsha Williams,
Chairperson of Modine's Board of Directors. "Neil is a proven
leader with strong global public company experience across multiple
industries. In particular, Neil's commitment to operational
excellence and his diverse experience, along with success executing
profitable growth strategies provide him with the skills needed to
drive Modine's transformation to a diversified industrial
company. We look forward to welcoming Neil to our team."
Ms. Williams concluded, "The Board would also like to thank
Mick Lucareli for his tremendous
leadership as our Interim President and Chief Executive
Officer. Mick has been with Modine for over 20 years and will
be a great resource for Neil. Mick will continue as Modine's
Chief Financial Officer."
Mr. Brinker added, "Modine has a long history of providing
technical leadership and innovation in thermal management.
The need for sophisticated thermal solutions is accelerating every
day, and Modine has the reputation, intellectual knowhow, and
talent to become more growth focused in this rapidly transforming
world. I am looking forward to leading this team and
accelerating our momentum, as we fully transform into a more
diversified thermal management solutions provider."
Mr. Brinker was previously President and Chief Operating Officer
of Advanced Energy Industries, Inc. since May of 2020, and
joined AE in June of 2018 as its Executive Vice President &
Chief Operating Officer, where he led global sales, marketing,
engineering and operations for the Company's semiconductor, telecom
and networking, data center, industrial, and medical markets. He
oversaw a global team of 12,000 employees and led the consolidation
of the Company's global operations to identify and capture
organizational synergies. Mr. Brinker brings to Modine extensive
transactional experience leading M&A integration at AE and
doubling inorganic revenue while divesting non-core assets. Mr.
Brinker also has a passion for continuous improvement and process
standardization, which will fit well with Modine's inorganic and
organic growth strategy.
Before joining AE, Mr. Brinker served as a Group President at
IDEX Corporation from July 2015
to June 2018. Previously, he held leadership roles at IDEX
from April of 2012 to July 2015. Mr. Brinker also held
numerous management roles at Danaher Corporation from 2007 to
2012, as well as various operations roles at General Motors from
2001 to 2007.
Mr. Brinker holds a Bachelor of Science in Mechanical
Engineering from Michigan State
University, a Master of Engineering from the University of Michigan, and a Master of Business
Administration from Eastern Michigan
University.
About Modine
Modine, with fiscal 2020 revenues of $2.0
billion, specializes in thermal management systems and
components, bringing highly engineered heating and cooling
components, original equipment products, and systems to diversified
global markets through its four complementary segments: CIS; BHVAC;
HDE; and Automotive. Modine is a global company headquartered in
Racine, Wisconsin (USA), with
operations in North America,
South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," and other similar
"forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine's actual results, performance
or achievements may differ materially from those expressed or
implied in these statements because of certain risks and
uncertainties, including, but not limited to those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2020 and under Forward-Looking Statements in Item 7 of Part
II of that same report and in the Company's Quarterly Report on
Form 10-Q for the quarters ended June 30,
2020 and September 30, 2020.
Other risks and uncertainties include, but are not limited to, the
following: the impact of the COVID-19 pandemic on the national and
global economy, our business, suppliers, customers, and employees;
the overall health and price-down focus of Modine's customers; our
ability to successfully execute our strategic and operational
plans, including our ability to successfully complete the pending
sale of our liquid-cooled automotive business, including the
receipt of governmental and third-party approvals and satisfaction
of other closing conditions, and our ability to successfully exit
our other automotive businesses; our ability to effectively and
efficiently reduce our cost structure in response to sales volume
declines and complete restructuring activities and realize benefits
thereon; our ability to comply with the financial covenants in our
credit agreements and to fund our global liquidity requirements
efficiently, particularly in light of the volatility and negative
impacts to the financial markets resulting from COVID-19;
operational inefficiencies as a result of program launches,
unexpected volume increases, product transfers, and delays or
inefficiencies resulting from restrictions imposed in response to
the COVID-19 pandemic; economic, social and political conditions,
changes and challenges in the markets where Modine operates and
competes, including foreign currency exchange rate fluctuations,
tariffs (and potential trade war impacts resulting from tariffs or
retaliatory actions), inflation, changes in interest rates or
tightening of the credit markets, recession, restrictions
associated with importing and exporting and foreign ownership,
public health crises, and the general uncertainties about the
impact of regulatory and/or policy changes, including those related
to tax and trade, the COVID-19 pandemic and other matters, that
have been or may be implemented in the U.S. or abroad, and
continuing uncertainty regarding the impacts of "Brexit"; the
impact on Modine of any significant increases in commodity prices,
particularly aluminum, copper, steel and stainless steel (nickel)
and other purchased components, and our ability to adjust product
pricing in response to any such increases; the nature of and
Modine's significant exposure to the vehicular industry and the
dependence of this industry on the health of the economy; the
concentration of sales within our CIS segment attributed to one
customer; Modine's ability to recruit and maintain talent in
managerial, leadership, and administrative functions; Modine's
ability to protect its proprietary information and intellectual
property from theft or attack; the impact of any substantial
disruption or material breach of our information technology
systems; costs and other effects of environmental investigation,
remediation or litigation; and other risks and uncertainties
identified by the Company in public filings with the U.S.
Securities and Exchange Commission. Forward-looking statements are
as of the date of this release, and the Company does not assume any
obligation to update any forward-looking statements.
Investor & Media Contact
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com
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SOURCE Modine Manufacturing Company