Former CEO to continue leading Tredegar Corp.
John D. Gottwald, Tredegar Corp.’s CEO for 17 years, has agreed to return to the job permanently for the next 18 to 24 months.
He has served as the company’s interim president and CEO since June 26 following the abrupt resignation of Nancy Taylor.
The company said its board of directors wants Gottwald to continue leading the company because of his “deep knowledge of our businesses and our customers’ needs, as well as his steady leadership and strategic insight.”
“The key leaders of the company approached John and requested that he consider serving as CEO through the next 18 to 24 months, which the board supports. We are very pleased to announce that he has agreed to accept the role,” William M. Gottwald, chairman of the board, said in a statement.
John and William Gottwald are brothers. Together with their father, Floyd Gottwald Jr.,, they own more than 22 percent of the company’s stock, according to the most recent Tredegar proxy statement.
Taylor, the previous president and CEO, and Kevin O’Leary, the company’s chief financial officer and treasurer, resigned on June 26. Taylor also stepped down from her seat on the board of directors.
The company did not give any reason for the resignations but praised both executives for their service to the corporation.
Tredegar had 2014 net sales of $945 million, down 1.6 percent from 2013. The company reported revenue of $221.4 million in the second quarter, down 2 percent from $226.8 million during the same quarter last year.
Net income from continuing operations for the quarter were 2 cents per diluted share, down from 11 cents during the second quarter in 2014.
Tredegar has about 2,700 employees. Its manufacturing facilities are in North America, South America, Europe and Asia.