Tecumseh ousts chairman, CEO, names interim leader

Tecumseh Products ousts Chairman & CEO Buker without explanation, names Kent Herrick chairman

• On 8:16 pm EDT, Wednesday October 7, 2009

ANN ARBOR, Mich. (AP) -- Tecumseh Products Co. on Wednesday named a new chairman and an interim president after ousting its prior leadership.

The company said Chairman, President and CEO Edwin L. Buker was terminated Friday, and also resigned from the board. Tecumseh did not say why Buker was released, and a company representative could not immediately be reached for comment.

James Wainwright, currently vice president of global operations, was named acting president and will serve in that capacity while the board conducts a search for a new president and CEO. Kent B. Herrick was elected chairman.

Tecumseh manufactures compressors for residential and commercial refrigerators, freezers, water coolers and other devices.

Herrick, a former executive with Tecumseh, and his father, former Tecumseh CEO Todd Herrick, were ousted from the company in the spring of 2007. Todd Herrick then launched a proxy battle to elect himself, Kent Herrick and another nominee to the company's board. Kent Herrick was elected as a director in April 2007.

Since then, the Herricks have sought additional board seats in order to explore a possible sale of the company and change certain aspects of its corporate structure.

Earlier this summer, Buker sent a letter to shareholders blasting the actions of the Herrick Foundation and requesting that shareholders not vote for the Herrick slate of four board nominees. Buker said then that his views were supported by three proxy advisory firms.

At the annual meeting in August, shareholders voted to elect the Herrick slate and did not approve a recapitalization proposal which would have consolidated the company's Class A and B shares and reduced the Herrick Foundation's voting power.

Tecumseh shares closed Wednesday down 3 cents at $11.99.

Buzz up!