Kevin Mahony resigns from Garrett Motion board after Centerbridge stake reduction

Garrett Motion Inc. (NASDAQ: GTX) announced that Kevin Mahony has resigned from its board of directors, the company stated in a press release. Mahony also served on the Nominating and Governance Committee and the Finance Committee.

Mahony joined the board in January 2023 as a designee of funds affiliated with Centerbridge Partners under the terms of a Series A Investor Rights Agreement dated April 30, 2021. His resignation follows Centerbridge's divestiture of a significant portion of its ownership stake in Garrett Motion, with the investment firm now holding less than 5% of the company's common stock.

"On behalf of the Board, I would like to thank Kevin for his valuable contributions during his tenure," said Daniel Ninivaggi, Chairman of the Board of Garrett. "His deep engagement and collaboration have been instrumental to Garrett's success. We wish him the best moving forward."

Mahony, who serves as Senior Managing Director at Centerbridge, said he was "thankful to Garrett's management and the Board for their partnership" and expressed confidence in the company's future direction.

Garrett Motion is an automotive technology provider with operations spanning turbocharging systems and zero-emission vehicle technologies. The company operates six research and development centers and 13 manufacturing sites, employing more than 9,000 people across more than 20 countries.

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