Modine Manufacturing Initiates Leadership Transition in Performance Technologies Segment

Modine Manufacturing Company (NYSE: MOD) announced a significant change in leadership for its Performance Technologies segment. In a filing with the SEC and a corresponding press release dated February 26, 2025, the company disclosed that Adrian I. Peace, who has served as President, Performance Technologies, will be stepping down from his role. Mr. Peace’s departure is effective as of February 26, 2025, with his employment scheduled to terminate on September 30, 2025.

Under the terms detailed by the company, Mr. Peace will receive a comprehensive separation arrangement. The benefits include 52 weeks of severance pay—disbursed bi-weekly at the rate of his then-current annual base salary—and 12 months of Company-funded COBRA coverage. Additionally, Mr. Peace will be on paid leave from February 26, 2025, through September 30, 2025, during which he will continue to receive salary and benefits. A lump-sum cash payment, equivalent to the earned fiscal year 2025 Management Incentive Plan amount, will be provided, along with provisions for the continued vesting of his unvested Restricted Stock Units, stock options, and performance-based awards.

During the interim period, Modine’s President and Chief Executive Officer, Neil D. Brinker, will lead the Performance Technologies segment. The company noted that Mr. Brinker expressed gratitude for Mr. Peace’s contributions while reaffirming the organization’s commitment to its strategic plans. The company reiterated that its focus on accelerating transformation within the segment using disciplined 80/20 processes remains on track, with a goal of achieving adjusted EBITDA margins between 15% and 18% in the coming two years. Modine has also initiated a comprehensive search to identify Mr. Peace’s successor.

The leadership transition details and separation arrangement underscore Modine’s structured approach to managing executive changes while sustaining its long-term strategy in thermal management technology and solutions. Future updates and additional details regarding the transition are expected to be disclosed in subsequent filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Modine Manufacturing’s 8K filing here.

About Modine Manufacturing

Modine Manufacturing Company provides thermal management products and solutions in the United States, Italy, Hungary, China, the United Kingdom, and internationally. It operates through Climate Solutions and Performance Technologies segments. The company offers heat transfer coils, including heat recovery and round tube plate fin coils; gas-fired, hydronic, electric and oilfired unit heaters; roof-mounted direct- and indirect-fired makeup air units; duct furnaces; infrared units; perimeter heating products; single packaged unit ventilators; modular chillers; air handler and condensing units; ceiling cassettes; evaporator unit coolers, remote condensers, fluid coolers, gas coolers, and dry and brine coolers; and motor and generator cooling coils, transformer oil coolers, radiators, dryers, and industrial heat exchangers.