What changed in this filing

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Item 1. Business

2023-11-17 compared with 2022-11-22 · 87 added, 78 removed, 202 unchanged (45% of the section changed)

On October 31, 2016, Adient plc ("Adient") became an independent company as a result of the separation of the automotive seating and interiors businesses (the "separation") of Johnson Controls International plc ("the former Parent").

Adient was incorporated under the laws of Ireland on June 24, 2016 for the purpose of holding these businesses.

Adient's ordinary shares began trading "regular-way" under the ticker symbol "ADNT" on the New York Stock Exchange on October 31, 2016.

Upon becoming an independent company, the capital structure of Adient consisted of 500 million authorized ordinary shares and 100 million authorized preferred shares (par value of $0.001 per ordinary and preferred share).

The number of Adient ordinary shares issued on October 31, 2016 was 93,671,810.

Adient is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and China and maintains longstanding relationships with the largest global automotive original equipment manufacturers (OEMs).

Adient plc (“Adient”) is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and China and maintains longstanding relationships with the largest global automotive original equipment manufacturers (“OEMs”).

Adient's proprietary technologies extend into virtually every area of automotive seating solutions, including complete seating systems, frames, mechanisms, foam, head restraints, armrests and trim covers.

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Through its global footprint and vertical integration, Adient leverages its capabilities to drive growth in the automotive seating industry.

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Adient's business model is focused on developing and maintaining long-term customer relationships, which allows Adient to successfully grow with leading global OEMs.

Adient and its engineers work closely with customers as vehicle platforms are developed, which results in close ties with key decision makers at OEM customers.

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Business Organization and Strategy

Global Manufacturing Footprint Adient is a global leader in automotive seating.

With 75,000 employees operating in more than 200 manufacturing and assembly plants in 31 countries worldwide, Adient produces and delivers automotive seating for all vehicle classes and all major OEMs.

With more than 70,000 employees operating in more than 200 manufacturing and assembly plants in 29 countries worldwide, Adient produces and delivers automotive seating for all vehicle classes and all major OEMs.

From complete seating systems to individual components, Adient’s manufacturing capabilities span every aspect of the automotive seat-making process.

Integrated, in-house skills allows Adient to take products from research and design all the way to engineering and manufacturing and into more than 20 million vehicles every year.

Integrated, in-house skills allows Adient to take products from research and design all the way to engineering and manufacturing and into millions of vehicles every year.

Operational Efficiencies Adient intends to maintain high capacity utilization and increase its efficiency through continued use of standardized manufacturing processes, which represent a core competency.

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Leadership Position in China Adient is a leading supplier of "just-in-time" seating in China.

It operates through 8 joint ventures (nonconsolidated and consolidated) with 35 manufacturing locations in 22 cities, which are supported by additional technical centers.

It operates through its wholly owned entities and 6 joint ventures (nonconsolidated and consolidated) with 36 manufacturing locations in 22 cities, which are supported by additional technical centers.

Adient's strong position with European and American automakers is complemented by partnerships with all major auto groups in China, which has resulted in Adient's broad market penetration relative to seating competitors and market leadership in the industry's largest market.

Adient leverages its operating expertise and innovation capabilities developed worldwide to further support its growth in China.

Refer to Note 3, “Acquisitions and Divestitures,” in Part II, Item 8 of this Form 10-K for more information on recent transactions in China.

Platform for Global Growth Adient's current global platform creates multiple opportunities for growth, such as:

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Adient's technologies extend into virtually every area of automotive seating solutions including complete seating systems, frames, mechanisms, foam, head restraints, armrests and trim covers.

Adient is a supplier to all of the global OEMs and has longstanding relationships with premier automotive manufacturers, including BMW, Mercedes-Benz Group, Ford Motor Company, General Motors Company, Honda Motor Company, Hyundai Motor Company, Jaguar Land Rover, Kia Corporation, Mazda Motor Corporation, Mitsubishi Motor Corporation, Nissan Motor Corporation, Renault Group, Subaru, Stellantis N.V., Suzuki Motor Corporation, Toyota Motor Corporation, Volkswagen Group and Volvo Car Group.

Adient also supplies most of the growing regional OEMs such as BAIC Motor Co., Ltd., Changan Automobile (Group) Co., Ltd., Chery Automobile Co.

Ltd., FAW Group Corporation, Proton Holdings Berhad, Ashok Leyland, Tata Motors Limited and Zhejiang Geely Holding Group Co., Ltd.

and newer auto manufacturers such as Tesla Motors, Inc., NIO and Xpeng Motors.

Additionally, Adient has more than 8 joint venture partnerships with key OEMs, including Guangzhou Automobile Group Co., Ltd., Beijing Automobile Works Co., Ltd.

Adient is a supplier to all of the global OEMs and has longstanding relationships with premier automotive manufacturers, including BMW, Mercedes-Benz Group, Ford Motor Company, General Motors Company, Honda Motor Company, Hyundai Motor Company, Jaguar Land Rover, Kia Corporation, Mazda Motor Corporation, Mitsubishi Motor Corporation, Nissan Motor Corporation, Renault Group, Stellantis N.V., Suzuki Motor Corporation, Toyota Motor Corporation, Volkswagen Group and Volvo Car Group.

Adient also supplies most of the growing regional OEMs such as Beijing Automotive Group CO., Ltd., Changan Automobile (Group) Co., Ltd., FAW Group Corporation, Proton Holdings Berhad, Ashok Leyland, Tata Motors Limited and Zhejiang Geely Holding Group Co., Ltd.

and newer auto manufacturers such as NIO and Xpeng Motors.

Additionally, Adient has more than 6 joint venture partnerships with key OEMs, including Guangzhou Automobile Group Co., Ltd., Beijing Automobile Group Co., Ltd.

and FAW Group Corporation.

Further details regarding Adient's customers is provided in Part II, Item 8 of this Form 10-K in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies," of the notes to consolidated financial statements.

Further details regarding Adient's customers is provided in Part II, Item 8 of this Form 10-K in Note 1, "Organization and Summary of Significant Accounting Policies," of the notes to consolidated financial statements.

The Automotive Seating industry provides OEMs with complete seats on a "just-in-time" or "in-sequence" basis.

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Suppliers with strong technologies, robust global engineering and development capabilities will be best positioned to meet OEM demands for rapid innovation.

Electric Vehicles The adoption of electric vehicles (EVs) is accelerating in the global automotive industry driven by numerous product offerings from legacy manufacturers and new entrants, government incentives and overall consumer acceptance.

Electric Vehicles Electric vehicles (“EVs”) continue to be a focus in the global automotive industry driven by a variety of product offerings from legacy manufacturers and from new entrants.

The rollout of EVs platforms vary across the regions with factors such as pricing, affordability, government incentives, infrastructure and overall consumer acceptance influencing the pace of adoption.

While seating systems are not largely impacted by the shift to EVs, key attributes of seat design are evolving as the market pivots toward EVs.

This movement provides Adient with unique opportunities to provide value added solutions through Adient’s Evolution of Seating Systems Sustainability (“ES 3 ”) and to capture market share through new entrants based on Adient’s existing leading market position.

Autonomous Driving As the industry moves towards autonomous driving and alternative usage models such as car sharing and urban mobility, Adient has developed an interiors concept for autonomous driving which addresses major seating and other interior trends that are expected to drive the automotive industry of the future.

Adient will continue to partner with OEMs and other customers in the development of autonomous driving concepts.

Advanced Driver Assist Systems (“ADAS”) and Automated Driving Systems (“ADS”) As the global automotive industry continues to incorporate ADAS/ADS into its vehicles and as alternative usage models evolve, such as car sharing and urban mobility, Adient is poised to capitalize on greater seating content that may accompany these new innovations.

Adient has developed an interiors concept for autonomous driving which addresses major seating and other interior trends that are expected to drive the automotive industry of the future.

Adient will continue to partner with OEMs and other customers in the development of ADAS and ADS concepts.

Adient faces competition from other automotive suppliers and, with respect to certain products, from the automobile OEMs who produce or have the capability to produce certain products the business supplies.

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(1) traditional seating suppliers, (2) component specialists and (3) competitors who are partnered with an OEM through ownership or interlocking business relationships.

Independent suppliers that represent the principal competitors of Adient include Lear Corporation, Toyota Boshoku Corporation, Faurecia SA and Magna International Inc.

Independent suppliers that represent the principal competitors of Adient include Lear Corporation, Toyota Boshoku Corporation, Forvia SE and Magna International Inc.

Adient's deep vertical integration, global footprint and broad product offering make it well positioned to compete against the traditional global Tier-1 suppliers and component specialists.

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Raw Materials

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Continuing into fiscal 2023, the automotive industry has experienced a period of significant volatility in commodity prices.

This price volatility may continue into the future as demand increases and/or supply remains

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This price volatility may continue into the future as demand increases and/or supply remains constrained.

Price volatility has resulted in an overall increase of input costs for Adient that may not be, or may only be partially, offset through customer negotiations.

During fiscal 2024, commodity prices and availability could fluctuate throughout the year and significantly affect Adient's results of operations.

Refer to Item 1A.

Risk Factors section for additional information.

Refer to the Environmental, Social and Governance heading in this Item 1, “Business” for information on sustainability actions Adient is taking with its products and related materials, and refer to Item 1A, “Risk Factors” of this Form 10-K for additional information on risks associated with the supply of Adient’s raw materials.

Intellectual Property

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New regulations and changes to existing regulations are managed in collaboration with the OEM customers and implemented through Adient's global systems and procedures designed to ensure compliance with existing laws and regulations.

Adient demonstrates material content compliance through the International Material Data System, or IMDS, which is the automotive industry material data system.

Adient demonstrates material content compliance through the International Material Data System (“IMDS”) which is the automotive industry material data system.

In the IMDS, all materials used for automobile manufacturing are archived and maintained, in order to meet the obligations placed on the automobile manufacturers and thus on their suppliers by national and international standards, laws and regulations.

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Further details regarding Adient's commitments and contingencies is provided in Part II, Item 8 of this Form 10-K in Note 19, "Commitments and Contingencies," of the notes to consolidated financial statements.

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Environmental, Social and Governance

At Adient, we recognize robust and responsible environmental, social and governance (“ESG”) policies and practices are essential to the long-term success of our business and the well-being of our stakeholders, including our investors, employees, suppliers, customers and communities.

We are weaving sustainability into our company’s DNA by integrating ESG principles into our product development initiatives, manufacturing processes, procurement practices, corporate governance activities and other key business areas.

We embed sustainability into our company by integrating ESG principles into our product development initiatives, manufacturing processes, procurement practices, corporate governance activities and other key business areas.

Our board of directors and senior managers ensure we operate our business ethically and in accordance with applicable laws and regulations, and, as appropriate, they oversee and implement our ESG policies and strategies with input from a cross-functional team of subject matter experts across our organization.

We regularly communicate our ESG targets and

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related actions to our stakeholders through our SEC filings, media releases, quarterly earnings reports and our annual corporate sustainability report.

We regularly communicate our ESG targets and related actions to our stakeholders through our SEC filings, media releases, quarterly earnings reports and our annual corporate sustainability report.

Production Processes

Adient remains committed to improving sustainability in its global operations and to utilize standardized processes to reduce energy consumption, conserve water and generate less waste and emissions at our facilities globally.

Adient remains committed to improving sustainability in its global operations and utilizing standardized processes to reduce energy consumption, conserve water and generate less waste and emissions at our facilities globally.

In fiscal year 2021, Adient set a goal of reducing its scope 1 and 2 greenhouse gas emissions 75% by 2030 (with 2019 as our base year), and continues to make progress toward that goal.

In 2023, Adient expanded its goal with a longer term target of achieving carbon neutrality at its manufacturing locations for scope 1 and 2 greenhouse gas emissions by 2040.

Some recent examples of how Adient is reducing emissions and improving sustainability in its operations include:

• Investing in more efficient equipment such as variable-speed air compressors and higher-efficiency HVAC units

• Replacing inefficient lighting with LED lighting

• Conducting hunts for sustainability opportunities at the facility level

• Purchasing ultrasonic air leak detectors to find and repair leaks on the production line

• Reconfiguring shipping racks and packaging to optimize transportation logistics and save fuel

In addition, several of Adient’s facilities generate renewable electricity on-site via solar panel installations, and more than 40 of its locations now attribute 100% of their electricity consumption to renewable sources.

• Replacing company pool vehicles with EVs as leases end.

• Recovering waste heat from air compressors and using it to help warm buildings.

• Adding occupant sensors to plant floors and other areas to automatically turn lights on and off as needed.

• Optimizing how foam mold temperature machines are connected in parallel to ensure only heating the necessary number of machines.

• Replacing cardboard boxes with reusable packaging and eliminating unnecessary cardboard inserts to cut waste and optimize loads.

• Collecting, storing and using rainwater in sanitary applications such as toilets.

In addition, Adient has set a goal to attribute 100% of the electricity needed worldwide to renewable sources by 2035.

Several of Adient’s facilities already generate renewable electricity on-site via solar panel installations, and more than 60 Adient locations now consume electricity from a renewable source.

Sustainability has been an inherent part of product development and innovation at Adient for more than three decades, and customers’ sustainability targets are closely tracked to ensure its efforts align with the needs and goals of its customers.

More recently, vehicle electrification and a general move toward increasingly efficient transportation have emphasized the need for automotive seating products that are lighter, slimmer and contain more environmentally friendly materials than traditional seating products.

To help meet this need, Adient has developed products such as the Soft Back Panel, which integrates 70% recycled PET (polyethylene terephthalate) while improving knee clearance and reducing the weight of each seat by as much as 2 kg.

Through Adient’s Evolution of Seating Systems Sustainability (ES 3 ) approach to product design, Adient is continuously identifying and integrating materials and manufacturing methods that minimize environmental impact and promote a circular economy.

More recently, vehicle electrification and a general move toward increasingly efficient transportation have emphasized the need for automotive seating products that are lighter, slimmer and made of more environmentally friendly materials than traditional seating products.

To help meet this need, Adient has developed products such as the Soft Back Panel and Soft Side Valance components, which integrate up to 70% recycled polyethylene terephthalate (“PET”) while improving knee clearance and reducing the weight of each seat by as much as 2 kg.

Adient has also developed an innovative, EV-ready concept seat - the Pure Essential - that combines a high degree of comfort with a sleek appearance while reducing cost, complexity, weight and the seat’s overall carbon footprint.

The Pure Essential seat promotes product circularity by using just two primary eco-friendly material types:

green steel for the seat structure and recyclable polyester for comfort features and trim covers.

Through Adient’s ES 3 approach to product design, Adient is continuously identifying and integrating materials and manufacturing methods that minimize environmental impact and promote a circular economy.

Adient also recognizes the importance of its supply chain’s environmental risks and impacts and are working with its suppliers to reduce scope 3 (value chain) emissions 35% by 2030 (with 2019 as the base year).

In 2022, Adient began mapping its complex supply chain, and in fiscal year 2023, Adient plans to implement a supplier due diligence tool — which, in part, calculates greenhouse gas emissions per commodity based on its supplier spend — to assess ESG risks within the supply chain and fine-tune the roadmap for reaching its scope 3 emissions-reduction goal.

As noted in Adient’s recently published Deforestation Policy, the Company is also committed to procuring its forest commodities from more sustainable sources in order to reduce the impact on deforestation and protect natural habitats globally.

In fiscal year 2024, Adient plans to expand the use of its proprietary Product Carbon Footprint Tool - data-based software that calculates the carbon footprint of a specific product based on its bill of materials - impacting designer, engineer and customer decisions and supporting its scope 3 emissions-reduction goal.

As noted in Adient’s recently updated Deforestation Commitment and Policy and natural resources webpage, Adient is making progress on its commitments in procuring forest commodities from more sustainable sources to reduce the impact on deforestation and protect natural habitats globally.

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Adient continues to work to protect the human rights and well-being of its employees, suppliers, customers and communities in which Adient operates globally.

To those ends, Adient recently published a Human Rights Policy Statement, which outlines its commitment and defines the policies and procedures the Company has in place for respecting human rights, and a Diversity, Equity and Inclusion (DE&I) Commitment Statement, which illustrates why and how Adient is creating a safe, respectful, diverse and inclusive work culture.

To those ends, Adient updated its Ethics Policy in 2023 to address evolving laws and regulations, including those regarding ESG.

Employees reviewed the updated Ethics Policy as part of the annual ethics certification campaign.

In 2023, Adient also initiated ESG-related due diligence questionnaires for top suppliers to promote transparency in supply chain human rights policies and practices.

Additionally, Adient is proud to support women-, minority- and veteran-owned businesses by spending more than $1 billion with diverse suppliers every year.

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Our Executive Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary, reporting directly to the Chief Executive Officer (“CEO”), oversees Adient’s global talent processes to attract, develop and retain the most valuable asset - its employees.

Adient has approximately 75,000 employees worldwide who represent a wide variety of backgrounds.

Adient has more than 70,000 employees worldwide who represent a wide variety of backgrounds.

Adient’s workforce composition (including employees at consolidated joint ventures), as of September 30, 2023, consists of approximately:

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• 45% work in the Americas, 42% work in EMEA and 13% work in our Asia-Pacific region

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• 49% of employees in the U.S.

have identified themselves as ethnically diverse.

have identified themselves as an ethnic minority

Adient ensures its people are engaged and working collaboratively to achieve company goals through positive employee relations activities that focus on supporting employees and their families.

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Health and Safety

We are committed to protecting the safety and well-being of our colleagues, customers, suppliers and people using our premises by providing and maintaining a safe working environment that protects both physical and mental wellbeing.

Adient requires protective equipment, enforces comprehensive safety policies and procedures, and encourages employees and leaders to look regularly for ways to improve workplace safety.

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Globally, 100% of Adient’s facilities are internally audited and compliant, and 60% are also third-party audited and certified.

Adient has achieved a year-over-year decrease in our global injury rate over the last several years.

We work together across the globe, sharing best practice ideas, procedures, and information regarding accidents and injuries.

At Adient, every new machine, operation, building or work-station change requires a safety risk assessment.

At Adient, every new machine, operation, building or workstation change requires a safety risk assessment.

When our employees come to work, they can know that where they work has undergone an extensive review of associated risks of injury or illness and that those risks are eliminated and/or minimized through robust controls.

Adient provides monthly updates on health and safety to its board of directors, which during fiscal 2022, included updates on the return-to-work health and safety protocols in various geographies as a result of COVID-19.

Adient provides regular updates on health and safety to its board of directors.

Diversity, Equity and Inclusion

Adient strives to build a culture of diversity and inclusion through its purchasing and human resource practices and policies and works to eliminate discrimination and harassment in all of its forms, including women, minorities and other protected groups.

Its CEO signed the "CEO Action for Diversity & Inclusion" pledge promulgated by the CEO Action for Diversity & Inclusion initiative, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.

Adient strives to build a culture of diversity and inclusion through our purchasing and human resource practices and policies, and we strive to eliminate discrimination and harassment in all its forms, including but not limited to discrimination against women, minorities and other protected groups.

Adient President and CEO Doug Del Grosso signed the "CEO Action for Diversity & Inclusion" pledge promulgated by the CEO Action for Diversity & Inclusion initiative, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace.

In addition, Adient is a member of the Center for Automotive Diversity, Inclusion and Advancement (“CADIA”).

In September 2022 Adient published two new documents - a Human Rights Policy Statement and a Diversity, Equity & Inclusion (DE&I) Commitment Statement - each of which emphasizes the Company's commitment to protecting the safety, well-being and human rights of our people while driving a diverse and inclusive work culture.

Adient developed and tracks human capital metrics regarding diversity and inclusion, which the Chief Legal and Human Resources Officer reviews semi-annually with the board of directors.

Since success in this area requires listening to diverse voices, Adient established Diversity, Equity and Inclusion (DE&I) Councils in each of its three business regions - the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific).

The Councils drive strategic and tactical actions in the areas of talent acquisition and retention, communications and employee feedback, training and education, metrics and key performance indicators, as well as support Adient’s diverse Business Resource Groups.

In fiscal 2022, Adient published two documents - a Human Rights Policy Statement and a Diversity, Equity & Inclusion (“DE&I”) Commitment Statement - both of which emphasize Adient’s commitment to protecting the safety, well-being and human rights of our people while driving a diverse and inclusive work culture.

Adient developed and tracks human capital metrics relating to diversity and inclusion, which the Chief Legal and Human Resources Officer reviews semi-annually with the board of directors.

Since success in this area requires listening to diverse voices, Adient established DE&I Councils in each of its three business regions:

1) the Americas, which is inclusive of North America and South America;

2) Europe, the Middle East and Africa

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(“EMEA”) and 3) Asia Pacific/China (“Asia”).

These councils drive strategic and tactical actions in the areas of talent acquisition and retention, communications and employee feedback, training and education, metrics and key performance indicators, and Adient’s diverse and employee-led business resource groups (“BRGs”).

While the three councils primarily work within their regions, they also communicate and collaborate across regions to ensure alignment and progress toward enterprise-wide DE&I goals.

Additionally, Adient has an annual global online training to all salaried employees focused on DE&I.

In 2022, Adient launched one Business Resource Group (BRG) in the Americas - the Hispanic Origins Latino Ancestry group (HOLA!) - in addition to growing the existing African Ancestry BRG, True Colors Network, and Women’s Resource Network.

In 2023, Adient employees launched a new BRG in the Americas region - the South Asian Community (“SAC”) BRG - in addition to growing the existing HOLA!

(Hispanic Origins • Latino Ancestry) BRG, African Ancestry BRG (“AABRG”), True Colors Network (“TCN”), and Women’s Resource Network (“WRN”).

We continue to develop and refine our diversity initiatives to achieve our DE&I vision of being a premier employer that champions an inclusive and equitable work culture enriched by our diversity, where all employees are valued and respected.

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This process informs employee development goals.

Adient's Leadership Talent Review (LTR) is its annual

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process for identifying and evaluating talent for the purposes of aligning individual aspirations and development plans with the organization's needs and building a diverse pipeline of leaders to mitigate leadership vacancy risk.

Adient's Leadership Talent Review (“LTR”) is its annual process for identifying and evaluating talent for the purposes of aligning individual aspirations and development plans with the organization's needs and building a diverse pipeline of leaders to mitigate leadership vacancy risk.

LTR is designed to be an inclusive process that promotes visibility of talent, increases the validity of succession plans and ensures development efforts are applied efficiently.

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Further, Adient's references to website URLs are intended to be inactive textual references only.

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Information about our Executive Officers

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Michel Berthelin 53 Executive Vice President, EMEA 2019

James Conklin 51 Executive Vice President, Americas 2022

Del Grosso 62 President and Chief Executive Officer 2018

Dorlack 42 Executive Vice President, Americas 2019

Dorlack 43 Executive Vice President and Chief Financial Officer 2022

James Huang 62 Executive Vice President, Asia 2019

Smith 55 Senior Vice President and Chief Accounting Officer 2019

Stafeil 52 Executive Vice President and Chief Financial Officer 2016

Tiltmann 51 Executive Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary 2021

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from 2012 to 2015.

Del Grosso is the President and Chief Executive Officer and a Director of Adient.

James Conklin.

Conklin is the Executive Vice President, Americas of Adient.

Conklin served as Adient’s Vice President, Americas Operations from 2016 to 2022.

He previously served as Vice President of Operations of Johnson Controls, Inc.

Conklin had various roles with increasing responsibilities since 2000 while at Johnson Controls, Inc;

such as Executive Director, Continuous Improvement and Best Business Practices, and leadership positions within Advanced Manufacturing, Lean Manufacturing, Operations and Quality.

Del Grosso is the President and Chief Executive Officer (“CEO”) and a Director of Adient.

In November 2023, Adient announced that Mr.

Del Grosso will be retiring from Adient effective December 31, 2023.

Del Grosso joined Adient in October 2018 from automotive supplier Chassix, where he served as president and CEO.

From 2012 to 2015, he served as president and CEO at Henniges Automotive.

Del Grosso held leadership roles at TRW Automotive from 2007 to 2012, where he last served as vice president and general manager for the company’s global braking and suspension operations.

Del Grosso held leadership roles at TRW Automotive from 2007 to 2012, where he last served as vice president and general manager for Adient’s global braking and suspension operations.

Prior to joining TRW Automotive, Mr.

Del Grosso spent more than 20 years at Lear Corporation in a variety of engineering and operational roles, the last being president and chief operating officer (COO).

Del Grosso holds a Master of Business Administration (MBA) from the Eli Broad College of Business at Michigan State University, as well as a Bachelor of Science degree in mechanical engineering from Lawrence Technological University.

Del Grosso spent more than 20 years at Lear Corporation in a variety of engineering and operational roles, the last being president and chief operating officer.

Del Grosso holds a Master of Business Administration from the Eli Broad College of Business at Michigan State University, as well as a Bachelor of Science degree in mechanical engineering from Lawrence Technological University.

He serves as a director and member of the Safety, Health, Environment and Sustainability Committee at Cabot Corp., and as a trustee of The Committee for Economic Development of The Conference Board (“CED”).

His CED activities include co-chairing the CED Trade and Economic Globalization Committee, being a member of the Education Committee and serving as a member of the CED Task Force on Climate, The Environment, and Energy.

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Dorlack is the Executive Vice President, Americas of Adient.

In October 2022, the Company announced that Mr.

Dorlack will be appointed as Executive Vice President and Chief Financial Officer effective December 1, 2022.

Dorlack served as Vice President and Chief Purchasing Officer of Adient from 2018 to 2019.

Dorlack is the Executive Vice President and Chief Financial Officer of Adient.

In November 2023, Adient announced that Mr.

Dorlack will be appointed as President and Chief Executive Officer and a Director of Adient effective January 1, 2024.

Dorlack served as Vice President, Americas of Adient from 2019 to 2022 and Vice President and Chief Purchasing Officer of Adient from 2018 to 2019.

He also served as Senior Vice President and President, Electrical Distribution System and President, South America of Aptiv plc from 2017 to 2018, and Vice President, Powertrain Systems and General Manager, Global Powertrain Products of Delphi Automotive plc from 2016 to 2017.

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in 2015 and was with PricewaterhouseCoopers LLP from 1995 to 2015.

Stafeil is the Executive Vice President and Chief Financial Officer of Adient.

In October 2022, the Company announced that Mr.

Stafeil will be resigning as Executive Vice President and Chief Financial Officer effective November 30, 2022.

Stafeil was Executive Vice President, Chief Financial Officer of Visteon Corporation from 2012 to 2016.

He serves as a Director and member of the Audit and Finance Committees at Arconic Corp.

Stafeil previously served on the Board of Directors, and as Audit Committee Chairman, of each of Mentor Graphics Corporation and Metaldyne Performance Group.

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Tiltmann is the Executive Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary of Adient.

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Prior to that, Ms.

Tiltmann was the Company’s Vice President and General Counsel, Labor & Employment, Litigation and Compliance, and has served in other legal roles at Adient since 2016.

Tiltmann was Adient’s Vice President and General Counsel, Labor & Employment, Litigation and Compliance, and has served in other legal roles at Adient since 2016.

Tiltmann was an attorney at Johnson Controls, Inc.

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from 2000 to 2011.

With the appointment of Mr.

Dorlack as President and Chief Executive Officer, Mark A.

Oswald, the current Vice President, Treasurer, Investor Relations, and Corporate Communications, will be appointed as Executive Vice President and Chief Financial Officer effective January 1, 2024.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business