Two longtime Milacron Inc. executives are retiring Sept. 30: Harold Faig, president and chief operating officer, and Jerry Lirette, president of mold-components supplier D-M-E Co.
Both recently turned 55 and are taking voluntary early retirement. Milacron, which is in the midst of a cost-cutting plan that calls for cutting 300 nonmanufacturing jobs, does not plan to replace either executive.
But don't think this is the last you'll hear from Faig and Lirette.
``I would imagine that both are going to do something within the [plastics] industry,'' said Ronald Brown, chairman and chief executive officer of the Cincinnati-based company. Brown, in an Aug. 8 telephone interview, said he does not expect either to work for a Milacron competitor. It's more likely that they could do consulting for Milacron, although Brown added that nothing has been established.
Faig has been at Milacron for 36 years. In a news release, he said it has been a longtime personal goal to retire early, and now the timing is right for the company. He said Milacron has strong leadership and a lean organization. ``All we really need going forward is a little cooperation from the economy,'' he said.
For the first six months of the year Milacron recorded a loss of $99.6 million on sales of $372 million.
Executives who had reported to Faig now will report directly to Brown.
Lirette has headed D-M-E for 20 years and is an officer with more than 20 D-M-E wholly owned or joint venture companies worldwide. He told the company in June that he would retire, and the news was announced to employees the week of Aug. 4, said David Skala, vice president of marketing at the Madison Heights, Mich., firm.
David Lawrence, general manager of D-M-E in North America, will assume responsibility for operations on this continent, Skala said. European operations will be run separately.
Lirette has helped build D-M-E into one of the world's largest producers of mold bases, hot-runner components and other mold parts during the past two decades. He joined the company in 1979 as manager of strategic planning and held several positions before being appointed president. He spent 10 years with Xerox Corp. before joining D-M-E.
Brown said Milacron has an early retirement plan for employees who have reached age 55 with 10 years of service, but Faig, as a company officer, was not eligible for that particular plan.
He said neither Lirette nor Faig are leaving as a direct result of the staff cuts announced July 29 - both were likely candidates to retire at age 55. But Brown said the unintended benefit of their decision is that the company will be able to cut their positions.
Brown added that Faig has made ``an incredible amount'' of contributions to the company. ``He deserves an early retirement and a good retirement.''