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|Item 5.02||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
On January 22, 2023, Mr. Steven Silver resigned from the board of directors (the “Board”) of Garrett Motion, Inc. (the “Company”), effective immediately. Mr. Silver served on the Company’s board of directors pursuant to that certain Series A Investor Rights Agreement, dated as of April 30, 2021, by and among the Company, affiliated funds of Centerbridge Partners, L.P. (“Centerbridge”), and the other parties thereto (the “Investor Rights Agreement”), which among other things provides Centerbridge with the right to designate certain members of the Board, subject to maintaining specified ownership requirements.
Concurrent with Mr. Silver’s resignation and pursuant to the Investor Rights Agreement, on January 24, 2023, the Board appointed Mr. Kevin Mahony, a designee of Centerbridge, as a director of the Company. Mr. Mahony will serve as a member of the Compensation Committee of the Board.
Mr. Mahony is a Managing Director at Centerbridge, where he currently focuses on investments in the Industrials and Consumer sectors and has held various roles of increasing seniority since 2014. Prior to joining Centerbridge, Mr. Mahony worked at Oaktree Capital Management and Lazard. Mr. Mahony holds a B.S. and B.A., with distinction, from the University of Virginia.
Pursuant to the Investor Rights Agreement, Mr. Mahony is not entitled to receive any compensation for his services as a director of the Company or any of its subsidiaries.
Other than as disclosed above, there are no other arrangements or understandings between Mr. Mahony and any other persons pursuant to which Mr. Mahony was selected as a director, and there are no transactions in which Mr. Mahony has an interest in which requires disclosure under Item 404(a) of Regulation S-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|GARRETT MOTION INC.|
Date: January 25, 2023
|By:||/s/ Sean Deason|
|Title:||Senior Vice President and Chief Financial Officer|