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Adient CEO resigns, company slashes profit outlook
[MICHIGAN] Car seats maker Adient Plc said on Monday Chief Executive Officer R Bruce McDonald is stepping down and the company slashed its profit forecast for the year, sending its shares tumbling 17 per cent.
The company said former General Motors Co CEO Frederick Henderson will take over as interim chief, while Mr McDonald will remain an adviser until Sept 30.
The Michigan-headquartered company said its operating performance was running behind plan, and forecast free cash flow of up to negative US$100 million for fiscal 2018.
It forecast adjusted EBITDA of about US$1.25 billion for the year. It had previously forecast adjusted EBITDA to come in at low end of a US$1.40 billion-US$1.45 billion range.
Mr Henderson was most recently chief executive at SunCoke. He will leave his position on Adient's governance committee, but remain a board member.
Adient also named John Barth, its current lead director, as interim chairman.