Tableware and serveware supplier Oneida Ltd. has appointed six new members to its board of directors. The appointees include bankers, consultants and former executives of consumer companies. Each will…
Tableware and serveware supplier Oneida Ltd. has appointed six new members to its board of directors. The appointees include bankers, consultants and former executives of consumer companies. Each will stand for election to staggered terms during the company“s annual meeting on 25 May 2004. The new board members are William C. Langley, Hugh R. Rovit, Christopher H. Smith, Fred Spivak, Terry G. Westbrook, and Nick White. The board retained Chairman and Chief Executive Officer Peter J. Kallet and members Gregory M. Harden and Peter J. Marshall. Seven other board members resigned. In a comprehensive restructuring in August 2004, Oneida“s lenders agreed to convert USD 30 million of debt to common stock. In return, they gained the right to name six members to the nine-member board of directors. Oneida lost USD 99.2 million in 2003. As a result, the company has closed or sold all its plants and now sources most of its china, glassware and flatware from other companies to resell under the Oneida brand. Oneida announced in September 2004 that it will close its remaining flatware plant in Sherrill, New York state and cut 500 jobs. The factory remains on schedule to close during the 1Q of 2005.