USA: Dan River Names Barry Shea President, CEO
Bankrupt textile maker Dan River Inc has unveiled a number of management changes as it prepares to emerge from Chapter 11 protection early next year.
Joseph L Lanier Jr will step aside as chief executive officer and be replaced by executive vice president and chief financial officer Barry Shea.
Lanier will retain his role as non-executive chairman of the board.
Mr Shea commented: "We have the goal line in sight. With the significant distraction of bankruptcy behind us, we will be able to focus with renewed intensity on our number one priority - the needs of our home fashions and apparel fabrics customers."
A hearing to confirm the company's plan of reorganisation is scheduled for 4 January 2005.
Dan River filed for Chapter 11 bankruptcy protection on 31 March and announced last week that it sold its stable but unprofitable engineered products line.
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