Compounder and processor Spartech Corp. said July 16 that George Abd, president, chief executive officer and a director, was leaving the company, citing ``personal reasons.'' The resignation was effective immediately.
Randy Martin, the Clayton company's chief financial officer, was named interim president and CEO.
The company followed that notice with an announcement updating its earnings guidance for the current fiscal year. Martin said sales volume ``continued to be negatively impacted by a challenging demand,'' particularly from weakness in the transportation and residential construction markets.
The firm revised its earnings-per-share estimate for fiscal 2007 to $1.45-$1.50, down from an earlier estimate of $1.55-$1.62.
Investors did not take the news well. Spartech's shares dropped nearly $5, or about 18 percent, in trading July 16, closing at $22.33.