Linwood, PA, Oct. 31--Foamex International has revamped its management team, replacing its former president, who resigned two weeks ago and making a number of other changes.
Foamex recently appointed CEO Thomas Chorman will assume the additional role of president, replacing Peter Johnson, who resigned October 18, the day Chorman was named CEO.
The company also said George Karpinski, treasurer and senior vice president, has been named interim chief financial officer. Foamex also made other senior management changes and said other senior executives had left the company.
Earlier this month, credit rating agency Moody's Investors Service changed its outlook to negative on a sharp decline in anticipated third quarter earnings, impacted by higher operating expenses and rising raw material costs due the high cost of petrochemical feedstocks.
Foamex had said then it expected to post a net loss between $7 million to $9 million in the third quarter, excluding charges. At the time, the company said it received waivers from its banks until November 30 and was in discussion with them to agree on necessary financal covenants.
