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.
Take Charge of Your Retirement: Find the Right Financial Advisor For You in Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding professional guidance—and we’ve made it easier than ever for you to connect with the right financial advisor for your unique needs.
Here’s how it works:
1️ Answer a Few Simple Questions
Tell us a bit about your goals and preferences—it only takes a few minutes!
2️ Get Your Top Advisor Matches
This tool matches you with qualified advisors who specialize in helping people like you achieve financial success.
3️ Choose Your Best Fit
Review their profiles, schedule an introductory meeting, and select the advisor who feels right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.