McCallum Resigns from Joan Fabrics
By Staff -- Home Textiles Today, 4/9/2007 12:00:00 AM
Tyngsboro, Mass. —
Elkin McCallum, chairman, president and ceo of Joan Fabrics Corp., has stepped down as president and ceo, effective March 30. He will continue to serve on Joan's board of directors.
Carl Marks Advisory Group, a financial and management advisory company, has been hired to operate Joan, reporting to the company's board of directors.
Richard Heller will assume the responsibilities of coo; Mel Henson has been named cfo, and Duffield Meyercord has been named chief restructuring officer. Heller, Henson, and Meyercord are employed by Carl Marks Advisory Group. Jette Campbell, also of Carl Marks, will work with the company to explore strategic options.
Joan, along with its divisions including Mastercraft, Home Fabrics, and Circa 1801/Doblin, was once one of the largest decorative fabrics mills in the United States.
Last month, McCallum was cited in a civil suit by the SEC that included nine former Collins & Aikman directors and executives allegedly involved in fraudulent schemes between 2001 and 2005 involving Collins & Aikman, an automotive components supplier. McCallum had sold the automotive velvet segment of Joan to C&A, and served for a time on its board.
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