Kennesaw, GA, Dec. 4--Steve Newman has resigned his position as President and CEO of Witex USA, Inc. “Unfortunately the shareholders and I have not been able to reach an agreement on the long-proposed management buy-out of Witex USA. As such I have made the decision to resign my positions within the company and the board of directors,” Newman said.
“My vision was to make Witex a leadership flooring company here in the U.S., without localized management having the ability to control capital expenditures, the company will not be able to achieve the goals I have set for Witex long-term. Domestic manufacturing driving innovative products was our target of the MBO, noted Newman,
Without shareholder approval of our deal, this will not become a reality.”
