C-Suite Veteran brings Critical Global Cost Management Transformation Experience to Leadership Team
CHARLOTTE, N.C., Aug. 22, 2023 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR), a global diversified industrial company that manufactures high-precision components and assemblies, today announced the appointment of David Harrison, Chief Procurement Officer, effective immediately. In this role, he is responsible for leading and transforming the company’s procurement and supply chain function globally. Mr. Harrison brings more than three decades of experience in manufacturing, operations, and business transformation. He will report to Tim French, NN’s new Chief Operating Officer.
“I am excited to welcome David as NN’s first Chief Procurement Officer. Both Harold Bevis and I have had the pleasure of working with David in the past. He brings a wealth of industry specific experience and a proven track record of driving transformational improvement in the procurement area with organizations significantly larger than NN,” said Mr. French. “David is a great addition to NN’s leadership team.”
“I’ve spent a great deal of time in my career in manufacturing and adjacent industries, I’ve lived and worked in the U.S., Asia Pacific, and Europe, and I’m thrilled to be joining NN at such an opportune time,” said Mr. Harrison. “We can achieve growth and deliver strong shareholder value through more effective cost management and better, stronger, and more integrated partnerships with key suppliers. We are quickly developing a team of effective supply chain leaders to accelerate change.”
A native of Michigan, Mr. Harrison has served in senior executive procurement, sourcing, and logistics roles in manufacturing for over three decades. His experience developing and implementing transformation initiatives including strategic realignment of sourcing and procurement teams, efficient inventory management, and cost management strategies have saved companies tens of millions of dollars. Mr. Harrison also has deep experience in procurement of NN’s top commodities of steel, copper, and freight. He holds a Bachelor of Arts degree in Economics from Albion College and an MBA from Michigan State University.
About NN, Inc.
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises, including the COVID-19 pandemic, on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, and the availability of labor; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; the impact of climate change on our operations; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
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