[caption id="attachment_607488" align="alignleft" width="300"]
Adrian Peace[/caption]
Racine-based manufacturer
Modine announced Thursday that the company’s president of performance technologies has been placed on paid leave now through Sept. 30.
Adrian Peace will “terminate employment with the company” on Sept. 30, according to a filing with the SEC. Peace first joined Modine in 2021 as the company’s vice president of commercial and industrial solutions. He previously spent time at General Electric and W.W. Grainger.
Peace is eligible for severance payments and will receive 52 weeks of pay, according to the SEC filing. His pay rate will be equal to his current salary.
Following his departure,
Neil Brinker, chief executive officer at Modine, will continue to lead the company’s performance technologies segment. A search will take place to find a permanent successor to Peace.
"I would like to thank Adrian for his leadership and service to Modine," said Brinker in a Thursday announcement. "Our strategy to reposition the performance technologies segment towards a higher growth, higher margin mix of business by leveraging our 80/20 discipline remains on track. The business segment has a deep and experienced leadership team and I look forward to working closely with them as we continue to execute our strategic plans. Performance technologies remains on track to deliver strong financial results, including our financial goal of achieving 15% to 18% adjusted EBITDA margins over the next two years."
Modine is a manufacturer of a manufacturer of thermal management and ventilation solutions.
