Troubled Frisby Technologies Inc, the developer of Comfortemp climate control materials operating under bankruptcy protection, on Friday said it has axed its president and chief operating officer, Duncan Russell.

The North Carolina-based firm said in a short statement it has no plans to fill the position which Russell had occupied since June 2000.

Chief restructuring officer, Mark Gillis, commented: "The company is taking steps to reduce its expenses and overhead as we develop our reorganisation plan.

"I am confident that the current management team and staff provide the appropriate resources to execute our business plan during the company's transition to a re-defined business model."

Frisby filed for Chapter 11 in mid-January and said it had reached agreement with its secured creditor group to provide debtor-in-possession financing but gave no details as to the scale of its financial woes.