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Shoemaker Wellco announces resignation of CEO Lutz

Feb '06
Footwear maker Wellco Enterprises Inc announced the resignation on February 15, 2006 of its long-time executive, David Lutz, from the post of Chief Executive Officer of the Company and the positions of Board Chairman, President and Chief Operating Officer.

Lutz had served in these positions since January 1, 2002, capping a career with the Company in various capacities extending over a 32 year period since 1974.

The Company and Lutz are presently negotiating the terms of his continued employment, in order to achieve an orderly transfer of his duties and responsibilities to other personnel.

Wellco's Board of Directors expressed its deep appreciation for Lutz's many contributions to the Company.

Wellco Enterprises Inc further announced that George Henson has been elected Chairman of its Board of Directors on February 15, 2006.

Henson has been a member of the Board since November 2005.

Henson retired from Blue Ridge Paper Products Inc, in 2002 after serving as Operations Senior Vice President of Blue Ridge in 1999/2000 and President and CEO of that Company from 2000 to 2002.

Henson had previously served in various engineering and corporate management positions with Weyerhaeuser Company from 1969 to 1999.

The Company also announced that Fred K Webb Jr has been appointed to the additional responsibility of Acting President, effective February 15, to serve until a permanent appointment is made.

Webb joined the Company's Board of Directors in 1996 and was appointed Vice President in 1999.

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