WestPoint Stevens' CFO Departs
Apr. 12, 2001
WEST POINT, Ga. (AP) _ WestPoint Stevens Inc.'s stock skidded nearly 10 percent Thursday after the textile comopany announced that its chief financial officer, David C. Meek, has resigned to pursue other opportunities and it has appointed three new senior vice presidents.
Meek, a former managing director of Sun Trust Equitable Securities, joined WestPoint Stevens in November 1999 to help the company go private. The board abandoned that plan in June after rejecting a $1.03 billion leveraged buyout from Holcombe T. Green Jr., WestPoint's chairman and chief executive.
``While we will certainly miss David's strong financial capabilities, we recognize that he joined the company for the specific task of helping to take it private,'' said M.L. ``Chip'' Fontenot, WestPoint's president and chief operating officer. The company expects to name a new CFO soon, Fontenot said.
Shares of WestPoint was down nearly 11 percent, or $1.04, to $8.42 by Thursday afternoon on the New York Stock Exchange.
The company also said Robert B. Dale is joining the textile giant as senior vice president of sales and marketing, Joan Amberg has been named senior vice president of merchandising and William T. Walker has been named senior vice president of sourcing.
WestPoint produces sheets, towels, comforters, pillows and window fashions under several brand names, including Stevens, Martex, Vellux and Martha Stewart.
The company has about 16,000 employees in 39 manufacturing plants in Alabama, Florida, Georgia, Indiana, Louisiana, Maine, Nevada, North Carolina, South Carolina, Virginia, Canada and Great Britain.
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