JOHNSON CITY, Tenn.
Sept. 4, 2012
/PRNewswire/ -- The Board of Directors of NN, Inc. (NASDAQ: NNBR) today announced that Chairman and Chief Executive Officer,
Roderick R. Baty
has informed the Board that he will retire by the Company's next annual meeting of stockholders to be held in May of 2013. Mr. Baty will also step down from the Board at that time.
On behalf of the Board of Directors,
, Director and Audit Committee Chairman said, "We would like to extend our gratitude to Rock for his outstanding leadership during his tenure as CEO and Chairman of the Board of NN. Under his guidance and strategic vision, NN has grown from a small domestic company with three manufacturing locations, 400 employees and
in sales to a multinational Company with 10 global manufacturing locations, over 2,000 employees and sales in excess of
. Despite sometimes trying economic times, NN has emerged strong and well positioned to continue to grow and provide exceptional service and products to our global customers."
Mr. Baty commented, "My decision to retire is solely based upon my desire to spend more time with my family and to further pursue my work with charitable causes. I feel blessed to have been a part of this wonderful organization and to have been afforded the opportunity to play a leadership role in the success NN has enjoyed over the last 15 years. The expansion and operational success we have achieved would not have been possible without the strong leadership from our board of directors and management team, as well as the unwavering dedication of our more than 2,000 employees."
As part of an existing written succession plan, the Board has formed a search committee and has engaged a firm to assist the committee in leading a comprehensive search to determine Mr. Baty's successor. Both internal and external candidates will be considered. Mr. Baty will work with the Board to assure a smooth and successful transition.