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Garrett Motion Appoints Interim CFO

Company also reaffirms full-year 2019 guidance.

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Garrett Motion Inc. announced today that Alessandro Gili, senior vice president and chief financial officer (CFO) will leave the company, effective Sept. 30, to pursue other interests. 

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Garrett has named Peter Bracke as interim CFO. Most recently, Bracke was vice president FP&A and business finance for Garrett. Prior to this position, he held various CFO roles at Honeywell and has been the CFO of the business through the completion of the spin-off.

Olivier Rabiller, president and CEO, said, “I would like to thank Alessandro for his contributions over his 15 months with Garrett. As CFO, Alessandro championed company-wide efforts to execute the spin-off from Honeywell and created value through optimizing our financial model and strengthening our business. I wish Alessandro the best in his future endeavors and I am pleased to welcome Peter in this interim position.”

Scott Tozier, chairman of the Audit Committee, said, “On behalf of the board, I would like to thank Alessandro for assembling a global, talented financial team and developing the financial and controls strengths of the new Garrett company.”

Gili added, “I am proud of the successful spin-off we have accomplished with the Garrett leadership team over the past year, creating the foundations for a successful future.”

In addition to today’s personnel announcement, Garrett also is reiterating its previously issued financial guidance for the full year 2019, including organic net sales growth of -1% to +1%, an adjusted EBITDA of $600 million to $620 million1 and an adjusted levered free cash flow conversion rate2 of 50 to 55%.

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1 2019 revised guidance set at current market conditions for FX. 

2Adjusted levered free cash flow conversion rate, including interest but excluding indemnification and MTT payments to HON as a percentage of Adjusted EBITDA.

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