June 11, 2018 / 2:32 PM / a year ago

Adient CEO resigns, company slashes profit outlook

June 11 (Reuters) - Car seats maker Adient Plc said on Monday Chief Executive Officer R. Bruce McDonald is stepping down and the company slashed its profit forecast for the year, sending its shares tumbling 17 percent.

The company said former General Motors Co CEO Frederick Henderson will take over as interim chief, while McDonald will remain an adviser until Sept. 30.

The Michigan-headquartered company said its operating performance was running behind plan, and forecast free cash flow of up to negative $100 million for fiscal 2018.

It forecast adjusted EBITDA of about $1.25 billion for the year. It had previously forecast adjusted EBITDA to come in at low end of a $1.40 billion-$1.45 billion range.

Henderson was most recently chief executive at SunCoke. He will leave his position on Adient's governance committee, but remain a board member.

Adient also named John Barth, its current lead director, as interim chairman.

The company's shares fell 16.6 percent to $47.89 in early trading. (Reporting by Rachit Vats in Bengaluru Editing by Saumyadeb Chakrabarty)

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