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Company under pressure to improve results in North America; new CEO to take over duties
By Jack Kaskey
Bloomberg News
Published on Thursday, Apr 10, 2008
A. Schulman Inc., the plastics maker considering selling itself, said North American Chief Operating Officer Barry A. Rhodes will resign as the region continues to lose money.
New Chief Executive Joseph M. Gingo will assume Rhodes' duties, Schulman said Wednesday in a filing with the U.S. Securities and Exchange Commission.
Rhodes will receive $968,375 in lieu of salary and bonus when his resignation takes effect on April 11, the Fairlawn company said.
Schulman is under pressure from investors, including hedge fund Ramius Capital Group, to improve results in North America, where years of operating losses extended into the six months ended Feb. 29.
The company in March hired UBS Investment Bank to review strategies, including a potential acquisition or a sale of the company.
Schulman fell 39 cents, or 1.9 percent, to $20.55 in Wednesday trading. The shares have dropped 4.6 percent this year.
A. Schulman Inc., the plastics maker considering selling itself, said North American Chief Operating Officer Barry A. Rhodes will resign as the region continues to lose money.
Get the full article here.
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