UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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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. |
As part of a series of measures to manage controllable expenses due to the unexpected disruption in light vehicle production and the economic uncertainty caused by the COVID-19 pandemic, on April 1, 2020, the Board of Directors (the “Board”) of American Axle & Manufacturing Holdings, Inc. (“AAM”) determined that the base salaries of its named executive officers (David C. Dauch, Christopher J. May, Michael K. Simonte, Gregory S. Deveson and Norman Willemse) would be reduced by 30% effective April 16, 2020. AAM is also implementing reductions in base salary among salaried associates, including a 30% reduction for all of its officers. These reductions are intended to remain in place until further clarity can be achieved regarding the recovery and stabilization of the global economy, as well as the resulting impact on the global automotive industry and AAM.
Item 8.01. | Other Events. |
In addition, as part of these expense management measures, on April 1, 2020, the Board determined that the annual cash retainer for each non-employee director of AAM would be reduced by 40% for the remainder of fiscal 2020. This reduction will be retroactively effective to the period beginning in February 2020. This reduction is intended to be temporary for fiscal 2020 and will be reevaluated by the Board when determining fiscal 2021 non-employee director compensation.
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SignatureS
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. | ||
Dated: April 6, 2020 | By: | /s/ David E. Barnes |
Name: | David E. Barnes | |
Title: | Vice President, General Counsel & Secretary | |
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