said Wednesday that it initiated a succession planning process to identify candidates for several senior management positions, including a new chief executive officer, as well as senior managers in sales and marketing.
The Tecumseh, Mich.-based company's board of directors initiated it in connection with the signing of the company's new $100 million second lien credit agreement on Nov. 13, which it entered into with Tricap Partners, and completed a corresponding amendment to the Feb. 6 first lien credit agreement to obtain additional liquidity and relief from financial covenants as it continues to focus on improving its financial performance.
Under the succession process, the Tecumseh board, assisted by an advisory committee formed under the new credit agreement, will work with an executive recruiting firm to identify candidates for various senior management positions, including a new CEO and senior managers in sales and marketing, the company said. The executive recruiting firm will be selected by the board of directors during the coming months, it added.
The credit agreement provides that Tecumseh's current CEO, Todd W. Herrick, will remain as chairman when the new CEO is appointed.
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