Companies and Brands
Adient Feels the Sting of CEO Departure
Published:
Last Updated:
Adient PLC (NYSE: ADNT) was one of Monday morning’s worst performing stocks, after it was announced that its Chairman and CEO would be stepping down effective immediately. Also the company issued a revised outlook for the 2018 full year that was not up to par.
The firm’s Chairman and CEO Bruce McDonald will be stepping down from these roles effective immediately. However he will remain as an advisor to the CEO until September 30, 2018.
In his stead, the Board of Directors has appointed Frederick Henderson interim CEO and John M. Barth, Adient’s current Lead Director, interim Chairman of Adient’s Board.
Barth commented:
Bruce McDonald made significant contributions during the formation of Adient plc to ensure a successful spin-off. Bruce and the Board agree that now is the right time for a new leader with a fresh perspective to drive value in the next phase of Adient’s life as a public company. Fritz brings the right leadership skills and operational experience to step in and immediately accelerate our transformation, providing the time to conduct an expeditious and thoughtful search for a new CEO.
As for the 2018 full year guidance, the company expects to see adjusted EBITDA to now be $1.25 billion and revenues of approximately $17.5 billion. There are consensus estimates calling for $7.40 in EPS and $17.14 billion in revenue for the full year.
Shares of Adient were last seen down over 16% at $47.53, with a consensus analyst price target of $62.58 and a 52-week range of $47.03 to $86.42.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
