Blog: Dave LeggettTower? Who gone? Why gone?

Dave Leggett | 13 August 2003

When someone at a high level leaves a company, the theories immediately get going. Often there's an official release and people try to read into it. I'm not close to Tower Automotive, but the release says that the resignation of CFO Ernie Thomas earlier today was due to personal reasons. Theories to fit facts is an easy and quite fun game, but sometimes face value is really true. Some people are trying to read things into the departure, but this is what I've just had in a note from equity analysts Robert W Baird & Co:

"The recent resignation of Ernie Thomas, CFO, was a personal decision by Mr. Thomas and is not related to the recent appointment of a new CEO [Kathleen Ligocki, from Ford] or any negative issues at the company. This announcement does not change our opinion or increase our concern as it relates to Tower. We maintain our Neutral rating and continue to recommend investors looking for a speculative high-risk high-reward investment buy the stock."


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