Modine appoints former Lumentum CEO Alan Lowe to board of directors

RACINE, Wis. - Modine (NYSE:MOD), a thermal management technology company with a market capitalization of $5.1 billion, announced Monday that Alan Lowe has joined its Board of Directors effective July 18, 2025. The company’s stock currently trades at $97.76, having demonstrated strong returns over the past three months according to InvestingPro data.

Lowe previously served as President and Chief Executive Officer of Lumentum Holdings Inc., a manufacturer of optical and photonic products, from July 2015 to February 2025. Before Lumentum’s 2015 spin-off from Viavi Solutions, he held leadership positions in Viavi’s optical products businesses. His earlier career included executive roles at Asyst Technologies and Read-Rite Corporation.

Since November 2024, Lowe has also served on the Board of Directors of Qorvo, Inc., a provider of radio frequency and power solutions.

"Alan’s extensive executive management experience with publicly traded companies in the technology and manufacturing sectors, both in the United States and internationally, will be valuable as we continue to advance our transformation at Modine," said Marsha Williams, Chairperson of Modine’s Board of Directors, in a press release statement.

Lowe holds a Bachelor of Arts in Computer Science and Business Economics from University of California, Santa Barbara. He will serve on Modine’s Audit and Corporate Governance committees and will stand for election at the company’s 2026 annual meeting of shareholders.

Modine, headquartered in Racine, Wisconsin, provides heating, cooling, and ventilation solutions through its Climate Solutions and Performance Technologies segments. The company employs over 11,000 people worldwide.

In other recent news, Modine Manufacturing announced the acquisition of Climate by Design International (CDI) for $65 million. This acquisition is expected to enhance Modine’s indoor air quality product offerings, particularly in sectors like pharmaceutical manufacturing and healthcare. DA Davidson maintained its Buy rating and $135 price target for Modine following this acquisition, suggesting it could positively impact earnings per share. Additionally, Modine has updated its credit agreement, establishing a new senior secured revolving credit facility of up to $400 million and a $200 million term loan facility, both maturing in 2030. The agreement includes revised financial covenants and allows for specific restructuring charges. Oppenheimer has raised its price target on Modine to $122, maintaining an Outperform rating. The firm noted Modine’s potential for robust multi-year growth, driven by its data center segment and recent business activities. DA Davidson also reiterated its Buy rating, expressing confidence in Modine’s growth prospects and alignment with major customers.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.