After six months on the job, Electroglas CEO calls it quits

electroglas_logoElectroglas, the beleaguered supplier of wafer testing systems to chip manufacturers, said Friday that Warren Kocmond, the chief executive it named on Feb. 9, announced  on Monday that he would be resigning as of Aug. 3, although he will continue to serve on the company’s board of directors. The company’s chairman and former CEO, Thomas Rohrs, will replace him as interim CEO.

The company cut its workforce by 15 percent in March and cut the salary of its remaining employees by that same percentage. It said at the time that the steps were “not enough to compensate for the precipitous drop in revenue” during its fiscal 2009 third quarter, which ended Feb. 28. Later in March Electroglas had its stock de-listed from Nasdaq about the same time that four of the directors on its board quit.

The company reported holding about $5 million in cash as of Feb. 28. It burned through $11.8 million in its first nine months of fiscal 2009.

 

Tags: , , , , , ,

 

Share this Post



 
 
 
 
 
css.php