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Wayne Mertes and Bob Lee, founders of the two operating subsidiaries of National RV Holdings Inc., have returned to day-to-day executive duties at the Perris, Calif.-based company as a result of a management shake-up brought on by expanding losses at the firm.
The changes also included the resignation of Mike Jacques, who was president of the National RV Inc. subsidiary and executive vice president of National RV Holdings, the parent company.
National RV Holdings, a New York Stock Exchange-listed company, now estimates it will report a net loss equivalent to 35 cents a share, or $3.4 million, for the third quarter ending Sept. 30, according to Brad Albrechtsen, president and CEO of the parent company.
The expected loss for the third quarter is larger than the 14 cents a share, or $1.4 million, net loss National RV Holdings reported for the second quarter of this year. The loss is smaller than the 63 cents a share, or $6.2 million, net loss it reported for the third quarter of 2001.
“The expected loss is the result of weakness in sales and reduced production at the company’s National RV division,” the company reported in a statement issued before the stock market opened Tuesday (Sept. 24).
Meanwhile, Albrechtsen said company executives “are pleased that Bob (Lee) and Wayne (Mertes) are returning to day-to-day operations and expect them to help accelerate our return to profitability.”
Mertes, 65, co-founder of National RV in 1964, returns as president. He was National RV’s CEO until July 1999 and its interim president from April through September 2001. Mertes also was president and CEO of National RV Holdings from 1993 through March 2001. During the past year, he served as a nonexecutive member of the National RV Holdings Board.
Meanwhile, Lee, 63, founder of Junction City, Ore.-based Country Coach in 1973, returns as its president. He was chairman and CEO of Country Coach through July 2000 and he served as president and COO of National RV Holdings from April through September 2001. He also served as a nonexecutive board member of National RV Holdings for the past year.
Additionally, Don Fults, previously the president of Country Coach, was named executive vice president/sales and service for Country Coach.