David Stockman has resigned as CEO, chairman and a director of vehicle cockpit specialist Collins & Aikman Corporation.

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Charles Becker, a former director, has agreed to serve as acting CEO along with a temporary steering committee formed by three other directors.


Marshall Cohen, a current director, was named non-executive interim chairman.


The company has also announced an amendment and waiver of its accounts receivables facility to address immediate liquidity issues arising from the recent simultaneous credit ratings downgrades of Ford Motor Company and General Motors Corporation by Standard & Poor’s Corporation to below investment grade status.


The company is seeking more favourable payment terms from the downgraded customers to further benefit the company’s liquidity.

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The company continues to face significant near term liquidity challenges, it said in a statement.


Firm may restate results