CASS CITY, MICH. — Walbro Corp. Chairman and Chief Executive Officer L.E. Althaver is retiring from the fuel-system parts supplier after more than 40 years of service.
The Cass City-based company named Walbro Chief Operating Officer Frank Bauchiero CEO, according to an April 17 news release. In addition, Walbro has hired John Utley, senior vice president of London-based auto supplier LucasVarity plc, as the company's new chairman.
Althaver, 66, joined Walbro in 1954 and became CEO in 1982. He has served on the company's board of directors since 1968 and was elected chairman in 1987. Althaver said in the news release that he looks forward to spending more time on outside interests.
The company manufactures coextruded plastic fuel tanks and other fuel-system components for the automotive and small-engine markets. The company, traded on Nasdaq, recently recorded a loss of $37 million on sales of $620 million for 1997.
In March, company officials attributed the losses to high debt levels and new plant openings and said a corporate belt-tightening would turn around profit figures.