L. E. Althaver Retires as Chairman And Chief Executive Officer of Walbro Corporation
17 April 1998
L. E. Althaver Retires as Chairman And Chief Executive Officer of Walbro Corporation
CASS CITY, Mich., April 17 -- L. E. Althaver has announced
his retirement as Chairman and Chief Executive Officer of Walbro Corporation
. In related actions, Frank E. Bauchiero, President of Walbro
Corporation, has been appointed Chief Executive Officer by the Walbro Board of
Directors, effective immediately. He was previously Chief Operating Officer.
The Board also elected John E. Utley, Senior Vice President of LucasVarity plc
and a non-employee Walbro director, to the position of Chairman of the Board.
He will assume that role at Walbro's annual meeting on May 20.
In announcing his retirement, Althaver, 66, said, "As I move into a new
phase in my life, I do so confident that Walbro's strategic direction is sound
and that a strong management team is in place to implement the Company's
strategy in the coming years. I look forward to more time to devote to many
outside interests, but will remain available to help ensure a smooth
transition."
Bauchiero stated, "Walbro Corporation has been the recipient of over 40
years of hard work, skill and dedication by Bert Althaver. We are grateful
for his immeasurable contributions to the Company as it grew from a small
manufacturing operation into a global organization serving customers around
the world. We wish him well."
Althaver joined Walbro in 1954 as an accountant. He was named Vice
President-Finance in 1965 and Executive Vice President in 1970. In 1977, he
became President and Chief Operating Officer, and in 1982 was named Chief
Executive Officer. He has served on the Board of Directors of Walbro
Corporation since 1968, and was elected Chairman in 1987.
Althaver has been active for more than 30 years in local and county
government, serving in a number of positions including President of the
Village of Cass City, a position he currently holds. He is a member of the
Board of Directors of the Michigan Jobs Commission, Chairman of the Tuscola
County Airport Authority, and a Director of the Tuscola County Economic
Development Corporation.
FRANK E. BAUCHIERO
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Frank E. Bauchiero, 63, joined Walbro Corporation in August 1996 as
President and Chief Operating Officer. Bauchiero served as an outside
director of Walbro Corporation from 1990 to 1996 and remained on the Board
after joining the Company.
Bauchiero came to Walbro Corporation from Dana Corporation, Toledo, Ohio,
where he retired as President, Industrial Group, North American Operations, a
position he held from 1989 to 1996. Bauchiero also served as a Dana Group
Vice President from 1987-1990. Prior to that time he was President of Warner
Electric, which became part of Dana in 1985.
JOHN E. UTLEY
OUTSIDE DIRECTOR AND CHAIRMAN
John E. Utley, 57, is Senior Vice President, LucasVarity, plc, a
manufacturer of automotive braking systems, electrical systems and diesel
systems. He joined the Walbro board as an outside director in 1993.
Prior to being named Senior Vice President at LucasVarity, Utley served as
Chairman of the Board of Kelsey Hayes from 1992 until 1996. He was Vice
Chairman and Vice President from 1989 to 1992, and a Senior Vice President of
Verity Corporation from 1994 to 1996.
Walbro Corporation is a designer and manufacturer of precision fuel
systems and products for automotive and small engine markets. Walbro
Corporation has subsidiaries and joint ventures throughout the world,
including North and South America, Europe and Asia. Walbro common stock is
traded on the Nasdaq National Market under the symbol WALB.
SOURCE Walbro Corporation