Perris, Calif.-based National RV Holdings Inc. said in a regulatory filing on Friday (Aug. 25) that Robert Lee, founder of subsidiary Country Coach Inc., Junction City, Ore., has resigned from its board.
Reuters reported that National RV Holdings, also parent to Perris-based National RV Inc., said that it disagrees with the contents of his resignation letter, in which he cites “the ongoing crisis” he believes threatens the company’s future.
In Lee’s letter dated Aug. 21 Lee noted: “I have been largely unsuccessful in persuading the board to take any action to deal with the ongoing crisis of this company.”
Lee said, referring to Brad Albrechtsen, that “it is irresponsible to continue to retain a CEO who has lost some $80 million in a short period of time with additional losses a virtual certainty in the near future.”
He added that the board’s “lack of action could create personal liability of directors to shareholders for the loss of this company” and that the crisis “threatens the very future of this company.”
Last November the company rejected a takeover proposal worth about $92 million from CC Acquisition Group, led by Lee, calling it inadequate.
National RV Holdings on Aug. 11 reported a second-quarter net loss of $7.1 million. It said more than $5 million of that loss was attributable to defective fiberglass sidewall material used on about 70 National RV motorhomes, and that $1.1 million was attributable to a reserve established in the quarter to address a recall of tires the company determined were defective.
It has sued the sidewall supplier to recover damages.