Lesco (LSCO) named Jeffrey Rutherford CEO and set a plan to buy back up to 1.5 million shares.
Rutherford replaces Michael DiMino, who resigned as president, CEO and director. In addition, Bruce Thorn was named chief operating officer, Michael Weisbarth chief financial officer and Kathleen Minahan general counsel. All previously held management positions at the Cleveland golf course supplier.
"I would like to thank Michael DiMino for his contributions to LESCO over the past four years," said Chairman J. Martin Erbaugh. "With the sale of our supply chain assets, these management changes put the right team in place to drive our store-focused strategy."
On Oct. 7, Lesco completed the sale of its supply chain assets and consumable products inventory to Turf Care Supply to focus on expansion of its Service Centers and Stores-on-Wheels vehicles networks. Lesco said it expects to "harvest" $25 million in cash after settling all requirements associated with the transaction.
On Friday, Lesco slipped 3 cents to $16.25.