Milwaukee-based Jason Industries Inc. today announced that Jeffry Quinn has been named interim chief executive officer, effective immediately. He replaces David Westgate who resigned from his position as CEO and a member of the board of directors.
“Over the past year, the organization has missed key operational and financial expectations,” said spokeswoman Melissa Zona, noting that Jason Industries has been a public company for 15 months. “It was agreed upon by the board that a fresh perspective of CEO was necessary.”
In the company’s most recent quarterly report, it reported a second quarter net loss of $865,000, or 7 cents lost per share, compared with net income of $5.2 million, or $5,237 per share, for its predecessor company in the second quarter of 2014.
Jason Industries was formed when Milwaukee-based Jason Inc. merged with Quinpario Acquisition Corp. in June 2014, forming a global family of seating, finishing, components and automotive acoustics manufacturers. These quarterly results include $2.8 million in pre-tax restructuring, integration and transaction costs and $2.9 million in pre-tax share based compensation expense.
“We believe it is imperative we set high expectations and deliver upon them, provide great value to our cherished global customer base, and create development opportunities and economic security for our employees,” Zona said. “As for Mr. Quinn, he is Jason’s largest shareholder and chairman of the board, and I believe his commitment to the success of Jason is completely aligned with that of the company’s shareholders and employees.”
Quinn, the former CEO and chairman of St. Louis-based Solutia Inc., will relocate to Milwaukee from St. Louis in order to oversee the day-to-day operations. He will also continue his role as chairman of the board of directors.
Meanwhile, the board has already begun the search for a permanent CEO. Zona said all viable candidates whether internal or external will be considered, but she cannot commit to a timeline of when one will be selected.
“Mr. Quinn is an impressive leader and proven executive with a track record of creating long-term value for investors and opportunities for the employees of the companies with which he has been associated,” said Edgar Hotard, chairman of the board of director’s corporate governance and nominating committee. “His commitment to the success of Jason is completely aligned with that of the company’s shareholders and employees, and I am confident that under his leadership Jason will flourish.”