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.
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%.
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.