Chairman, President Resign From AMF
Jul. 29, 1985
NEW YORK (AP) _ AMF Inc. said Monday that W. Thomas York and William P. Sovey resigned as chairman and president, respectively, and as directors of the company.
AMF recently was acquired by Minstar Inc., a public company controlled by Minneapolis financier Irwin Jacobs.
AMF said Kenneth J. Severinson subsequently was named chairman and chief executive of the company. Severinson already is chairman of Bekins Co., another Minstar subsidiary, and he has worked with Minstar and Jacobs in various executive posts for eight years, AMF added.
AMF, based in White Plains, N.Y., produces electronic controls and systems, energy products and specialty materials. It also makes bowling equipment and other sporting goods products, and marine equipment.
In the first half of 1985, AMF lost $7.25 million on revenue of $511.6 million. Last week, the company announced that it would omit its regular quarterly dividend of 121/2 cents a share for the third quarter ended Sept. 22.
AMF spokesman Rocco Portanova declined comment when asked whether York and Sovey left voluntarily or were asked to resign by Minstar.