Polymer Group Inc announced that James Schaeffer is no longer chief executive officer of the company. William Hewitt, chairman of the board of directors of the company since April 2003 and a director since March 2003, will serve as interim chief executive officer.
Hewitt, who has significant experience in various executive and director- level positions with public companies, will be assisted in leading the company by an operating committee consisting of three of PGI's senior executives.
They are Michael Hale, vice president and general manager, U.S. Nonwovens; Fernando Espinosa, vice president and general manager, Latin America; and Willis "Billy" Moore III, vice president and chief financial officer.
PGI will launch a search for a successor to lead the global nonwovens company and continue its growth. The search will focus on executives who can continue the positive momentum built by PGI over the past three and one-half years.
"PGI has a strong management team that has worked hard to ensure we have the proper strategies and initiatives in place to grow and succeed in the long-term," Hewitt said. "We have a broad base of industry veterans who have been the backbone of our success to date and will be the foundation of our success going forward."
"This company has improved remarkably since I became involved three and a half years ago," Hewitt continued. "During this period, PGI has significantly improved its balance sheet and recorded successive increases in annual sales to $948.8 million for fiscal 2005."
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