Cockpit module specialist Collins & Aikman Corporation’s president and CEO Frank Macher has resigned, the supplier, currently operating under Chapter 11 bankruptcy protection, announced on Thursday (1 February).
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“After thorough deliberations, the [board of directors] and Macher concluded that a new structure for the leadership of the company would be appropriate as it executes the balance of its ongoing sale process,” C&A said.
On 14 November, C&A said it expects to sell its operations, in whole or in parts, to maximise the value of the business for its creditors and preserve the largest number of employee jobs. On 22 December, the company filed an amended joint plan under which it will invite bids for the sale of most of its assets.
“The board appreciates the effort Frank put forth overseeing the company’s operations,” C&A chairman Steve Cooper said in a statement.
“We accepted his decision knowing that the timing of his resignation was appropriate given the shift in focus of the restructuring efforts and that the existing senior management team is fully capable of executing the remaining aspects of the plan.”
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By GlobalDataThe role of president and CEO will be replaced by the office of the chairman that will consist of the chairman, Steve Cooper, and six members of the senior management team: John Boken, chief restructuring officer; Stacy Fox, executive vice president, chief administrative officer and general counsel; Millard King, president soft trim operations; Tim Trenary, executive vice president, chief financial officer & treasurer; Mary Ann Wright, executive vice president – engineering, design and product development, commercial and programme management; and James Wynalek, president plastics operations.
In addition to their previous responsibilities for day to day operations, these individuals will work with creditors and customers to ensure an orderly sale process, C&A added.
C&A had previously announced it had selected a lead bidder in its proposed sale of its automotive flooring and acoustic components business. Details of the bid will become public when it files its sale motion with the bankruptcy court.
C&A also recently received final approval from the bankruptcy court in Detroit, Michigan, for an agreement between the company, its senior secured lenders and principal customers that will provide the financial support necessary to maintain normal operations while it attempts to sell its injection moulded plastic and convertible roof system businesses and assets. The company is in the process of attracting and reviewing bids for the purchase of all or parts of these businesses from a number of parties.
On 25 January, Collins & Aikman received bankruptcy court approval of its disclosure statement, which will be distributed to creditors for voting on the plan by 20 February.
