Joan Fabrics President and CEO Steps Down
April 4, 2007
TYNGSBORO, Massachusetts – Chairman, president and CEO of Joan Fabrics Corp., Elkin McCallum, has stepped down as president and CEO, effective March 30.
While McCallum will continue to serve on Joan's board of directors, Richard Heller will take over the day-to-day responsibilities as COO. Mel Henson has been appointed CFO and F. Duffield Meyercord will serve as chief restructuring officer.
Meyercord, Heller and Henson are all employed by Carl Marks Advisory Group, LLC, a financial and management advisory company that has been hired to operate Joan Fabrics and report to the board of directors. Jette Campbell, also of Carl Marks, will work with Joan to explore strategic options.
According to the Securities and Exchange Commission, McCallum was among nine former directors and executives for auto parts manufacturer Collins & Aikman (C&A) who were charged with fraud in a civil lawsuit. The SEC alleges that between 2001 and 2005, the defendants engaged in fraudulent schemes and made materially false and misleading statements concerning C&A's financial condition and operating results in filings with the SEC, offering documents and press releases. C&A settled the charges without admittance or denial of the SEC's allegations. The settlement will be subject to approval of the United States District Court for the Southern District of New York.
While McCallum will continue to serve on Joan's board of directors, Richard Heller will take over the day-to-day responsibilities as COO. Mel Henson has been appointed CFO and F. Duffield Meyercord will serve as chief restructuring officer.
Meyercord, Heller and Henson are all employed by Carl Marks Advisory Group, LLC, a financial and management advisory company that has been hired to operate Joan Fabrics and report to the board of directors. Jette Campbell, also of Carl Marks, will work with Joan to explore strategic options.
According to the Securities and Exchange Commission, McCallum was among nine former directors and executives for auto parts manufacturer Collins & Aikman (C&A) who were charged with fraud in a civil lawsuit. The SEC alleges that between 2001 and 2005, the defendants engaged in fraudulent schemes and made materially false and misleading statements concerning C&A's financial condition and operating results in filings with the SEC, offering documents and press releases. C&A settled the charges without admittance or denial of the SEC's allegations. The settlement will be subject to approval of the United States District Court for the Southern District of New York.
