What changed in this filing

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Item 1. Business

2024-11-18 compared with 2023-11-17 · 98 added, 91 removed, 198 unchanged (49% of the section changed)

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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

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Adient achieves scale advantages through a global manufacturing footprint and an integrated supply chain.

Adient also creates efficiencies and optimizes inventory, reduces freight and direct labor costs through its integrated modular assembly process.

Adient fosters an environment of continuous improvement and identifies best business practices through the analysis of process and cost metrics, which are then shared globally throughout Adient's manufacturing network.

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focused customer service and on-time delivery which result in both customer retention and the opportunity for market share gain.

Investing in Technology Adient continues to invest in technology and innovation by utilizing automation in metals, foam, trim and complete seat operations as well as expanding the use of artificial intelligence (“AI”).

AI technology is being pursued to reduce direct labor costs, improve accuracy and to ensure repeatable and reproducible results.

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Longstanding Customer Relationships with Leading Global OEMs Adient works with OEMs to develop complete seating solutions to meet consumer expectations for performance, safety and comfort.

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Adient's product development practices also entail leveraging low cost country development centers in India, China, Czech Republic and Slovakia.

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Development Centers

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Adient is able to leverage its position as the market leader in Europe, North America and China to grow in other markets, such as Southeast Asia.

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• Vertical integration.

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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 newer auto manufacturers such as NIO, Xpeng Motors, BYD Company Ltd.

and Xiaomi Motors.

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

and FAW Group Corporation.

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The components for these complete seat assemblies such as seating foam, metal structures, fabrics, seat covers and seat mechanisms are shipped to Adient or competitor seating assembly plants.

Adient is a global leader in complete seat assembly and one of the largest in all major seating components, operating manufacturing plants that produce seating foam, metal structures, seat covers and seat mechanisms.

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Adient is a global leader in complete seat assembly and one of the largest in all major seating components including seating foam, metal structures, seat covers and seat mechanisms.

Demand for automotive parts in the OEM market is generally a function of the number of new vehicles produced, which is primarily driven by macro-economic factors such as credit availability, interest rates, fuel prices, consumer confidence, employment and other trends.

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As a supplier with global scale and strong design, engineering and lean manufacturing capabilities in both complete seat systems and components, Adient is well positioned to accommodate each of these three sourcing patterns.

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Shorter Product Development Cycles As a result of new safety and environmental regulations, as well as a trend of more rapid customer preference changes, OEMs are requiring suppliers to respond faster with new designs and product innovations.

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The automotive supply industry competes on the basis of technology, quality, reliability of supply and price.

Design, engineering and product planning are increasingly important factors.

Design, engineering and product planning are also important factors.

The competitive landscape for seating and components can be categorized into three segments:

(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, Forvia SE and Magna International Inc.

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

and Yanfeng Automotive Systems Co., Ltd.

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

Raw materials used by Adient in connection with its operations include steel, aluminum, polyurethane chemicals, fabrics, leather, vinyl and polypropylene.

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 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.

Continuing into fiscal 2024, the automotive industry has experienced volatility in commodity prices.

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

During fiscal 2025, commodity prices and availability could fluctuate throughout the year and significantly affect Adient's results of operations.

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.

Refer to the Sustainability 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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countries where products and services of Adient are sold.

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Most works of authorship produced for Adient, such as computer programs, catalogs and sales literature, carry appropriate notices indicating Adient's claim to copyright protection under U.S.

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

Sustainability

Adient recognizes robust, responsible and sustainable policies and practices are essential to the long-term success of its business and the well-being of its stakeholders, including investors, employees, suppliers, customers and communities.

Adient prioritizes environmental stewardship by integrating sustainability principles into product development initiatives, manufacturing processes, procurement practices, corporate governance activities and other key business areas.

The Board of Directors and senior managers ensures that Adient operates ethically and in accordance with applicable laws and regulations, and, as appropriate, they oversee and implement sustainability policies and strategies with input from a cross-functional team of subject matter experts across the organization.

Adient regularly communicates its targets and actions related to sustainability to stakeholders through SEC filings, media releases, adient.com website, quarterly earnings reports and the annual corporate sustainability report.

Production Processes

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:

• Replacing company pool vehicles with EVs as leases end.

Adient set a goal of reducing its scope 1 and 2 greenhouse gas emissions 75% by 2030 (with 2019 as the 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 sites for scope 1 and 2 greenhouse gas emissions by 2040.

Some fiscal year 2024 examples of how Adient is reducing emissions and improving sustainability in its operations include:

• Identifying and repairing air leaks in pneumatic plant assembly lines.

• 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.

• Installing wireless communication modules to automatically shut down fans when not 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.

• Optimizing packaging and delivery routes to reduce waste and fuel usage.

• Replacing liquefied petroleum gas (“LPG”) and diesel forklifts with electric forklifts at the end of their life cycle.

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

Several of Adient’s sites already generate renewable electricity on-site via solar panel installations, and more than 60 Adient sites 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.

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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 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 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.

Through Adient’s ES 3 (Evolution of Seating Systems Sustainability) 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 is working with its suppliers to reduce scope 3 (value chain) emissions 35% by 2030 (with 2019 as the base year).

In fiscal year 2024, Adient continued 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 natural resources webpage, Adient is making progress on its commitments in procuring forest risk commodities from more sustainable sources to reduce the impact on deforestation and protect natural habitats globally.

Adient continues to work to protect the human rights and well-being of its employees, suppliers, customers and communities in which Adient operates globally and released an updated Human Rights Policy Statement in 2024.

Adient updated its Ethics Policy in 2023 to address evolving laws and regulations, including those regarding sustainability, and in fiscal year 2024, 99% of Adient’s salaried workforce completed Adient’s annual Ethics Policy certification.

Adient also established in 2024 a new global Center of Excellence (“COE”) centrally addressing global supplier compliance and risk management;

this COE is dedicated to continuously improving Adient’s processes, procedures and systems for vetting and performing supplier due diligence.

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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The highest levels of Adient’s management drive these practices with the alignment and support of all levels within the organization.

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.

The 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 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, 2024, consists of approximately:

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

• 46% work in the Americas, 41% work in EMEA and 13% work in Asia

• 41% of the global workforce is female

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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.

Adient also provides and encourages many forms of corporate communication such as town hall meetings, open-door policy and an ethics Integrity Helpline so that employees can hear directly from Adient leadership and have the opportunity to ask questions, make suggestions and provide input.

Adient also provides and encourages many forms of two-way communication such as town hall meetings, engagement surveys, open-door policies and an ethics Integrity Helpline so that employees can hear directly from Adient leadership and have the opportunity to ask questions, make suggestions, raise concerns, and provide input.

Because the attraction, development and retention of the employee base is significant to its business strategy, executive management provides frequent updates on these metrics to the Board of Directors.

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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 well-being.

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

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 100% are also third-party audited and certified.

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

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

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.

When Adient’s 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 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 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.

Diversity and Inclusion

Adient strives to build a culture of diversity and inclusion through purchasing, human resource practices and policies and strives 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 Jerome Dorlack 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 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:

In fiscal year 2024, Adient updated its Human Rights Policy Statement;

this document — as well as Adient’s Commitment to Diversity, Equity and Inclusion document — emphasize Adient’s commitment to protecting the safety, well-being and human rights of its people while driving a diverse and inclusive work culture.

Guided by its diversity and inclusion vision and mission, Adient developed global focus areas, including developing, engaging, and attracting diverse talent at all levels of the organization, including the leadership level, over the next three years, ensuring there is equity in people and pay practices, and continuing to develop and refine our people metrics.

Adient provides updates to the Board of Directors on diversity initiatives and shares information on initiatives and metrics in its annual sustainability report.

Since success in this area requires listening to diverse voices, Adient established diversity and inclusion 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”).

2) Europe, the Middle East and Africa (“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 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.

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

Additionally, Adient has periodic global online training for all salaried employees focused on diversity and inclusion.

In addition to frequent workshops and panel discussions, in fiscal year 2024 Adient launched a four-part manager training series facilitated by CADIA.

In 2024, Adient employees launched one new BRG in the Americas region, the Mission*Integrity*Leadership BRG, as well as one new affinity group, the Technology Professionals Society.

These two groups join Adient’s five other Americas BRGs:

Hispanic Origins • Latino Ancestry BRG, African Ancestry BRG, South Asian Community BRG, True Colors Network, and Women’s Resource Network.

Adient continues to develop and refine its initiatives to achieve its diversity and inclusion vision of being a premier employer that champions an inclusive and equitable work culture enriched by diversity, where all employees are valued and respected.

Succession and Talent Development

At Adient, we believe that attracting, developing, motivating and retaining employees is key to our sustainable and profitable growth.

We understand that, like customers, our employees and potential employees have choices of where to work, and we must compete for the best talent.

Adient believes that attracting, developing, motivating and retaining employees is key to sustainable and profitable growth.

Adient understands that, like customers, employees and potential employees have choices of where to work, and Adient must compete for the best talent.

Adient supports employee development in multiple ways.

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This process informs employee development goals.

Adient has a number of global and regional development programs, growing employees at multiple stages in their career.

Through these programs, Adient is investing in the long-term success of employees, helping them develop skills and leadership acumen based on current needs and in anticipation of future needs.

Adient makes a substantial investment in employee development through its partnership with the University of Michigan’s Ross School of Business.

Through this partnership,

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Adient offers two programs:

Adient Accelerate, a leadership development program for director-level employees that is now in its fourth year, and Adient Leadership and Performance Skills (“ALPS”), a new program in fiscal year 2024.

The ALPS program is targeted to providing mid-level managers the leadership skills and competency to address Adient’s current and future challenges.

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.

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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

Information about Adient’s Executive Officers

The following table sets forth certain information with respect to Adient's executive officers as of the date of this filing:

Name Age Position(s) Held Year Appointed to Present Position

Michel Berthelin 53 Executive Vice President, EMEA 2019

Berthelin 54 Executive Vice President, EMEA 2019

James Conklin 52 Executive Vice President, Americas 2022

Del Grosso 62 President and Chief Executive Officer 2018

Dorlack 43 Executive Vice President and Chief Financial Officer 2022

James Huang 62 Executive Vice President, Asia 2019

Dorlack 44 President and Chief Executive Officer 2024

Huang 63 Executive Vice President, APAC 2019

Marianos 56 Executive Vice President, Global IT & Business Services and Sustainability 2024

Oswald 58 Executive Vice President and Chief Financial Officer 2024

Smith 56 Senior Vice President and Chief Accounting Officer 2019

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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 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.

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.

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.

Conklin served as Adient’s Vice President, Americas Operations from 2016 to 2022, as well as General Manager of Adient’s Seat Structures and Mechanisms business from 2018 to 2020.

Prior to that, he had various roles of increasing responsibility with Johnson Controls, Inc.,

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including Vice President of Operations and Executive Director, Continuous Improvement and Best Business Practices, as well as leadership positions within Advanced Manufacturing, Lean Manufacturing, Operations and Quality.

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

Dorlack served as Executive Vice President and Chief Financial Officer of Adient from 2022 to 2023, Executive 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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Dorlack served as Executive Vice President – Global Procurement of ZF Friedrichshafen from 2015 to 2016, and Vice President, Global Purchasing, Supplier Development and Logistics of ZF Friedrichshafen from 2013 to 2015.

Huang is the Executive Vice President, Asia of Adient.

Huang served as Vice President, Complete Seat Asia of Adient from 2016 to 2018, and Vice President Complete Seat Asia of Johnson Controls, Inc.

Huang is the Executive Vice President, APAC of Adient.

Huang served as Vice President, Complete Seat APAC of Adient from 2016 to 2018, and Vice President Complete Seat APAC of Johnson Controls, Inc.

from 2014 to 2016.

Prior to that, Mr.

Huang held leadership positions in Asia Pacific in purchasing and sales before serving as General Manager of Shanghai Yanfeng Johnson Controls Seating Co., Ltd.

Marianos is the Executive Vice President, Global IT and Business Services and Sustainability of Adient.

She previously served as Vice President, Sustainability from 2023 to 2024 and Vice President, Internal Audit from 2020 to 2023.

Prior to that, Ms.

Marianos spent 15 years at Visteon Corporation in a variety of finance roles including Vice President, Operations Finance and Vice President, Chief Accounting Officer.

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

Oswald served as Vice President, Treasurer, Investor Relations, and Corporate Communications of Adient from 2020 to 2024.

He previously served as Vice President Investor Relations and Corporate Communication from 2018 to 2020 and Vice President Investor Relations from 2016 to 2018.

Oswald held various investor relations and finance roles with General Motors, TRW Automotive and Ford Motor Company from 1994 to 2016.

Smith is the Senior Vice President and Chief Accounting Officer of Adient.

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

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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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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