NN Inc. announced today that Richard Holder has stepped down as president and CEO, the latest executive change for the company.

Warren Veltman was named as interim president and CEO, effective immediately, according to a press release. Veltman has been the executive vice president of the company’s Mobile Solutions group since 2014.

“While NN has made progress on its strategic priorities, the company must focus on sharpening its execution and strengthening its balance sheet in order to drive improved financial and operational performance and enhance long-term shareholder value,” said Robert Brunner, chairman of the board.

Brunner said NN needs new leadership to best position the company in the future. Thomas DeByle was recently named as CFO in another change for the company.

Holder will receive a severance package of his last base salary of $972,000 for a period of 12 months and his annual target bonus in the amount of $656,752, according to a Form 8-K filing released today.

The board has not yet established compensation for Veltman in his new role, the company said in the filing.

NN, Inc. is diversified industrial manufacturer based in Charlotte. Shares were trading at $8.57 Monday, down 1 cent.