Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 20, 2019, Carl S. Bizon agreed to step down from his roles as President and Chief Executive Officer of Horizon Global Corporation (the “Company”), effective September 23, 2019, and resigned as a director of the Company, effective immediately. The Company will provide Mr. Bizon with the severance benefits consistent with the Company’s Executive Severance/Change of Control Policy, as disclosed in the Company’s definitive proxy statement, filed on May 24, 2019, and may enter into a separation agreement with Mr. Bizon. Additionally, Mr. Bizon received a cash bonus of $840,752 for the successful completion of the sale of the Company’s Asia-Pacific business segment. Mr. Bizon is expected to remain an employee of the Company through September 30, 2019 to aid in the transition of his duties.
On September 20, 2019, in connection with Mr. Bizon’s separation from the Company, the Company’s Board of Directors (the “Board”) elected Terrence G. Gohl as the Company’s President and Chief Executive Officer, effective September 23, 2019. Mr. Gohl did not enter into any agreements with the Company in connection with his appointment, other than the Company's standard indemnification agreement for executive officers. Additionally, on September 20, 2019, Mr. Gohl was appointed as a member of the Board, effective September 23, 2019, to fill the vacancy created by Mr. Bizon’s resignation.
Prior to joining the Company, Mr. Gohl, age 58, served as Chief Operating Officer of International Automotive Components (“IAC”) Group, a supplier of automotive components and systems, from February 2017 to June 2018. From March 2009 to January 2017, Mr. Gohl served as President and Chief Executive Officer of Key Plastics L.L.C. (“Key Plastics”), a global manufacturer and supplier of injection molded plastic components to automotive OEMs. Prior to joining Key Plastics, from 2004 to March 2009, Mr. Gohl served in various executive management and corporate officer roles with Visteon Corporation, a global automotive leader in cockpit electronics. From 1995 to 2005, Mr. Gohl held executive positions with Tower Automotive, an automotive manufacturer, and Lear Corporation, a global leading supplier of automotive seating and e-systems.
In connection with his appointment as President and Chief Executive Officer, Mr. Gohl will (i) receive an annual base salary of $650,000, (ii) be eligible to receive an annual short-term cash incentive award based on the performance of the Company, which is targeted at 100% of base salary for 2020, (iii) be eligible to receive an annual long-term incentive award under the Company’s Amended and Restated 2015 Equity and Incentive Compensation Plan, which has a target value of 200% of base salary for 2020, (iv) receive a one-time signing grant award equal to 100,000 Performance Share Units, earned generally based on the performance of the Company’s common stock during the period commencing September 23, 2019 (“Effective Date”) and ending on the third anniversary of the Effective Date, and (v) be a Tier I participant in the Company’s Executive Severance/Change of Control Policy. In addition, Mr. Gohl will generally be eligible to participate in all other employee benefit plans and compensation programs that the Company maintains for its salaried employees and executive officers.