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Athletic company Russell to abolish COO position
11 Aug '05
1 min read
Athletic company Russell Corporation announced that as part of an effort to flatten its organizational structure, it will eliminate the position of President and Chief Operating Officer (COO).
Based on that change, Jon Letzler, who has filled that position since July 2001, will be leaving the company effective immediately.
According to Jack Ward, Chairman and CEO, "Working with Jon, they have concluded that eliminating this position will help speed processes and create more accountability within the business units. They are appreciative of Jon's many contributions during his nearly seven years at Russell."
Russell anticipates taking an extraordinary charge in the third quarter related to Mr. Letzler's existing employment agreement. The impact to fulfill the Company's financial obligation to Mr. Letzler approximates $0.05 to $0.06 per diluted share.
Previously, The Russell Manufacturing Company is incorporated with Benjamin Russell as president. Assets include eight knitting machines and twelve sewing machines. Russell Corporation is a leading branded athletic and sporting goods company marketing athletic apparel, uniforms, footwear and equipment for a wide variety of sports, outdoor and fitness activities. The Company's major brands include Russell Athletic, JERZEES, Spalding, Brooks, Huffy Sports, Bike, Moving Comfort, AAI and Mossy Oak.
Based on that change, Jon Letzler, who has filled that position since July 2001, will be leaving the company effective immediately.
According to Jack Ward, Chairman and CEO, "Working with Jon, they have concluded that eliminating this position will help speed processes and create more accountability within the business units. They are appreciative of Jon's many contributions during his nearly seven years at Russell."
Russell anticipates taking an extraordinary charge in the third quarter related to Mr. Letzler's existing employment agreement. The impact to fulfill the Company's financial obligation to Mr. Letzler approximates $0.05 to $0.06 per diluted share.
Previously, The Russell Manufacturing Company is incorporated with Benjamin Russell as president. Assets include eight knitting machines and twelve sewing machines. Russell Corporation is a leading branded athletic and sporting goods company marketing athletic apparel, uniforms, footwear and equipment for a wide variety of sports, outdoor and fitness activities. The Company's major brands include Russell Athletic, JERZEES, Spalding, Brooks, Huffy Sports, Bike, Moving Comfort, AAI and Mossy Oak.
Russell Corporation
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