UPDATED: 6/11/18 11:16 am ET — adds details, background
DETROIT — Fritz Henderson, who directed General Motors by a bankruptcy, has been named halt CEO of seating retailer Adient, subsequent authority and CEO Bruce McDonald.
McDonald, 58, quiescent from his posts effective immediately and John Barth, 70, stream house executive will offer as halt chairman, a association pronounced in a news release.
Henderson, 59, transposed Rick Wagoner as GM’s CEO in 2009 following a company’s government-sponsored bankruptcy. Prior, he was a clamp boss of GM, where he had been given 1984.
McDonald had led a Adient given a spin-off from Milwaukee-based Johnson Controls Inc. in 2016. The association has struggled to say unchanging profitability given spin off, stating a $1.5 billion detriment in 2016 before recuperating to a net income of $877 million final year.
But financials have struggled again in mercantile year 2018, being dragged down by a money-losing chair structures and mechanisms multiplication with a $3.3 billion in debt. In a second mercantile entertain of 2018, Adient reported a net detriment of $168 million on income of $4.6 billion.
The association announced a restructuring this year that led to government changes in that multiplication as good as reduced collateral expenditures spending.
“Bruce and a house determine that now is a right time for a new personality with a uninformed viewpoint to expostulate value in a subsequent proviso of Adient’s life as a open company,” Barth pronounced in a news release. “Fritz [Henderson] brings a right care skills and operational knowledge to step in and immediately accelerate a transformation, providing a time to control an swift and courteous hunt for a new CEO.”