Raytech Corporation Announces Appointment of Larry Singleton as CEO and Richard McCook as CFO
26 August 2005 - 8:05PM
Business Wire
Raytech Corporation (NYSE: RAY) ("Raytech") today announced that
the Board of Directors of Raytech Corporation ("Raytech") has
elected Larry W. Singleton, who has been serving as interim CEO
since June 2004, as President and Chief Executive Officer effective
September 1, 2005. Mr. Singleton was also elected to the Board of
Directors, filling a vacancy on the Board, effective September 1,
2005. Mr. Singleton was a principal in AlixPartners LLC, a firm who
provided operational and financial consulting services to Raytech,
since 2004. Before becoming a principal in AlixPartners in
February, 2004, Mr. Singleton was a Director of Safety-Kleen Corp.
from August 2002 to December 2003, Executive Vice President and
Chief Financial Officer of Safety-Kleen Corp. from November 2001 to
December 2003, and Senior Vice President and Chief Financial
Officer of that company from August 2000 to November 2001. Before
joining Safety-Kleen Corp. Mr. Singleton was Executive Vice
President of Gulf States Steel, Inc. from February 1999 to July
2000. From January 2000 through January 2001, Mr. Singleton served
as an investment committee member to Revitalizacni Agentura, a.s.,
a subsidiary of the Czech Republic's national bank, formed to
assist the Czech government in restructuring numerous industrial
companies in anticipation of entering the European Union. Mr.
Singleton has been a Director of The Thaxton Group, Inc., a
sub-prime lender, since January, 2004. Raytech also announced that
on August 23, 2005, the Board of Directors of Raytech elected
Richard P. McCook, Executive Vice President, Chief Financial
Officer and Treasurer of Raytech, effective September 1, 2005. Mr.
McCook, who is 52 and a Certified Public Accountant, was Senior
Vice President and Chief Financial Officer from 1999 to 2004, and
Financial Vice President and Chief Financial Officer of Winn-Dixie
Stores from 1984 to 1999, of Winn-Dixie Stores, Inc., Jacksonville,
Florida, a $12 billion grocery store chain company listed on the
New York Stock Exchange that owned a substantial number of
manufacturing facilities to supply a portion of the companies
products. Mr. McCook's responsibilities and experience in those
positions included corporate financial management and analysis,
strategic planning, treasury and cash management, manufacturing
process analysis, mergers and acquisitions and certain
administrative functions. John B. Devlin, Vice President, Treasurer
and Chief Financial Officer, has resigned effective August 31,
2005, due to the relocation of Raytech's corporate offices. Raytech
Corporation is a worldwide manufacturer of wet and dry clutch,
power transmission and brake systems as well as specialty
engineered polymer matrix composite products and related services
for vehicular applications, including automotive OEM, heavy duty
on-and-off highway vehicles and aftermarket vehicular power
transmission systems. Through two technology and research centers
and five manufacturing operations worldwide, Raytech develops and
delivers energy absorption, power transmission and
custom-engineered components focusing on niche applications where
its expertise and technological excellence provide a competitive
edge. Raytech Corporation, headquartered in Shelton, Connecticut,
operates manufacturing facilities in the United States, Germany and
China as well as technology and research centers in Indiana and
Germany. The Company's operations are strategically situated in
close proximity to major customers and within easy reach of
geographical areas with demonstrated growth potential. Raytech
common stock is listed on the New York Stock Exchange and trades
under the symbol "RAY." Company information may be accessed on our
Internet website http://www.raytech.com.
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