TROY, Mich. — Horizon Global Corporation (NYSE: HZN) has announced plans to make several changes to its corporate governance structure.
The Horizon Global board recently named Denise Ilitch as chair. Ms. Ilitch previously served as co-chair alongside the company’s chief executive officer Mark Zeffiro, who will continue to serve as a director.
Zeffiro said, “Denise is well-qualified to serve as board chair and has clearly demonstrated the leadership and commitment necessary to drive and achieve Horizon Global’s strategic priorities. I look forward to continuing to work with Denise and the rest of the board to expand Horizon Global’s position as a global leader in towing and trailering products. Today’s announcement reflects a trend of positive corporate governance actions taken by Horizon Global’s board and enhances its strong and independent oversight of management and the company.”
Ilitch commented, “It is a privilege to serve as Horizon Global’s chair and work alongside Mark and the rest of the board. I am committed and excited to lead this great company and believe that Horizon Global is well positioned for the opportunities that lie ahead.”
The Horizon Global board also approved an amendment to its amended and restated certification of incorporation to declassify the company’s board of directors. This amendment is subject to shareholder approval at the company’s 2018 Annual Meeting and, if approved, the proposed declassification would be phased-in over a period of three (3) years.
“The Horizon Global board believes that a robust governance program is vital to creating long-term shareholder value,” stated Ilitch. “The recent actions taken by the board are a great example of the Horizon Global’s commitment to strong corporate governance and alignment with the company’s shareholders.”
SOURCE: Horizon Global press release