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.
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