One of the plastics industry's top woman CEOs has resigned abruptly from her job.
And John Gottwald, who served for 17 years as president and CEO of Tredegar Corp., is back in that role on an interim basis.
Tredegar, a Richmond, Va.-based manufacturer of plastic films and aluminum extrusions, announced June 26 that, effective immediately, Nancy Taylor, president and CEO, and Kevin O'Leary, vice president, chief financial officer and treasurer, have stepped down from their respective positions. Taylor also resigned her position on the board of directors.
Tredegar holds the No. 11 slot on Plastics News' most recent ranking of North American film and sheet manufacturers.
When the publicly traded company recently announced its 2014 results, Taylor said it was a tough year for the film products business, and that Tredegar had fallen short of its top and bottom line goals.
Tredegar's 2014 net sales were $923 million, a 1 percent decline from 2013. Earnings per share from ongoing operations were $1.13, a slight year-over-year decline.
Tredegar's June 26 announcement did not say why Taylor and O'Leary had resigned, and it praised both of their efforts on behalf of the company.
“For the past 23 years, Nancy has provided invaluable leadership in a wide variety of positions at Tredegar,” said Chairman William Gottwald, in a news release. “We are extremely grateful for her tireless efforts, especially the dedication she has shown which has enabled us to grow the company and build on our strengths.”
John, age 60, and William Gottwald, 67, are brothers. Along with their father, Floyd Gottwald, they own a 22.38 percent stake in the publicly traded company, according to the company's most recent proxy statement.
The board also expressed its gratitude to O'Leary. “Today Tredegar continues to be in a strong financial position due in no small part to Kevin's leadership,” said Gottwald. “We want to express our sincere gratitude for his service to this company and we wish him well in the future.”
John Gottwald has been on the company's board of directors. He will serve as president and CEO until the board completes a search for a new leader.
D. Andrew Edwards, formerly vice president, CFO and treasurer of Tredegar Corp. from 2003-2009, will return to the company to serve as vice president, CFO and treasurer, effective the end of July.
“John was a natural choice by the board to serve as interim president and CEO given his long history with the company and his understanding of the needs of our customers,” said William Gottwald. “We also are grateful that Drew has agreed to return to Tredegar and appreciate the proven track record of success he brings to our executive team. The focus of the leadership team will be to execute on the global investments we've made over the past several years to drive customer and shareholder value.”
