Head of Mack Trucks To Resign
Oct. 16, 1990
ALLENTOWN, Pa. (AP) _ Ralph E. Reins will resign as chairman, president and chief executive officer of Mack Trucks Inc., a company spokesman said Tuesday.
Reins, 50, has accepted a position as president of the automotive group at United Technologies Corp. of Hartford, Conn., said James Santanasto, a spokesman for Mack. UTA said Reins will take his new job Oct. 29.
Reins will be replaced at Mack by an executive from Renault Vehicules Industriels, according to Bob Nuss, owner of Rochester Mack in Rochester, Minn., and chairman of the council that includes 200 Mack dealers.
RVI on Oct. 5 completed its $107 million buyout of the 55 percent of Mack stock that it had not previously owned, Nuss said Monday.
Reins joined Mack 16 months ago. He was named Mack's president in June 1989 and became chairman five months later. He was not at Mack headquarters in Allentown Tuesday and didn't issue a statement, Santanasto said.
RVI is expected to issue a statement on the change at the top of Mack on Thursday, Santanasto said.
Mack expects 1990 to be its second consecutive year with a loss of more than $180 million. Industry analysts said the Allentown-based company would have wound up in the bankruptcy courts had RVI not intervened early this month.