Glenn Kummer, who resigned as chairman of Fleetwood Enterprises Inc. effective Monday (Feb. 11), said he was surprised when he learned that Nelson Potter, the company’s president and CEO, also planned to resign effective on Monday, according to The Press-Enterprise of Riverside, Calif.
Kummer, 67, who will continue as a member of the Fleetwood board during the transition period, said he told the other members of the Fleetwood board that he would retire during September 2002. However, he decided to retire as chairman on Monday after hearing about Potter’s resignation.
Kummer also told the Press-Enterprise that some board members met privately with Potter, 58, prior to Monday and told him that a change in leadership was needed.
Prior to Monday’s announcement, Fleetwood had an 11-member Board of Directors, but only two members, Kummer and Potter, were insiders.
Potter also resigned from the Fleetwood board on Monday and was not immediately replaced. The Press-Enterprise contacted Potter at his home, but he declined comment.
At the end of this month, Fleetwood will report its seventh consecutive quarterly loss, but Kummer told The Press-Enterprise that he believes Fleetwood “is in a position that the turnaround is almost imminent.” He believes the Riverside-based company will return to profitability during its fiscal year 2003, which will begin in early May.
However, he added that the speed at which the national economy recovers from recession will set the pace for Fleetwood’s recovery.
Kummer was Fleetwood’s chairman and CEO until last April 30, when the title of CEO was given to Potter, who was president and COO at that time.
Potter was Fleetwood’s vice president of planning and corporate development from 1992-97 and he was executive vice president-operations in 1997 and 1998, when he was promoted to president and COO.
Kummer became Fleetwood’s chairman and CEO in 1998 when company founder John Crean, now 76, retired from those positions. Kummer was president and COO from 1983 until 1998.