Now-former CEO Tim Mihalick had been with the company for 36 years. He's to be replaced by President Mark Decker. COO Diane Bryantt is also retiring.
Also being replaced is the CFO and the General Counsel.
In addition, Jeff Caira has been appointed board chairman. Previous chairman Jeffrey Miller will remain on the board.
These changes combined with other planned reductions will trim annual G&A expense by $3.5M-$4M. The company expects to book a FQ4 charge of $400K-$700K related to the turnover.
Source: Press Release