The Board of Directors of Tower International, Inc. [NYSE: TOWR], a leading global manufacturer of engineered automotive structural metal components and assemblies, has appointed James Gouin as President, effective September 1, and as CEO, effective January 1, 2017. Mr. Gouin will join the Board of Directors when he becomes CEO.
Also effective immediately, Jeffrey Kersten will succeed Mr. Gouin as Executive Vice President and Chief Financial Officer.
Mark Malcolm will remain as CEO until his previously announced retirement at year-end.
Mr. Malcolm will continue to serve on Tower’s Board of Directors following his retirement.
Mr. Gouin, age 56, joined Tower as CFO in November 2007. Prior to joining the Company, he worked at Ford Motor Company for 28 years in a variety of senior positions, including Vice President, Finance and Global Corporate Controller and Vice President of Finance, Strategy and Business Development for International Operations.
Mr. Kersten, age 48, joined Tower in 1997. He has been the Company’s Senior Vice President and Corporate Controller since 2007; in 2014, he added responsibility forBusiness Development. Prior to joining Tower, Mr. Kersten worked seven years at Arthur Andersen.
Mr. Malcolm joined Tower as President and CEO in August 2007 upon the Company’s emergence from bankruptcy. He led the Company’s successful transition from a private company to a public company; Tower’s IPO in 2010 was the first by a U.S. auto company on the NYSE in five years. Tower is now a recognized leader in its field, with world-class cost, quality, and engineering/program management that have helped the Company gain market share, grow organic revenue above industry, dramatically improve the balance sheet, increase profits and margin, and return capital to shareholders. Tower has met or exceeded consensus earnings in all 24 quarters since its IPO. In its most recent outlook, Tower projected that adjusted EBITDA would grow by over 20 percent in the second half of this year and by a further 10 percent next year, generating free cash flow of about $130 million in the 18 months through year-end 2017.
“The operational and financial improvements and consistently strong performance under Mark’s leadership have been exemplary,” noted Tower Chairman Nicholas Chabraja. “Jim Gouin has played an integral role in that success. His strong Company and industry knowledge – and a deep, talented, and experienced bench – make the Board confident that Tower is in very capable hands to continue making progress and delivering results.”
Gouin remarked, “I am honored that the Board has entrusted me to become CEO. Our team will work tirelessly to continue Tower’s momentum and increase value for our shareholders and customers.”
Malcolm concluded, “It has been a privilege to work with Tower’s dedicated and engaged colleagues, the best team in the business. Despite taking immense pride in what we have accomplished together in the past nine years, I am firmly convinced that the Company’s best days lie ahead.”
