ARLINGTON, Texas-FWT Inc. announced it released Chief Executive Officer Douglas A.
Standley and other executives as part of significant operational and management changes in an effort to better serve
customers and increase profitability.
FWT’s board of directors said the company’s operating committee will run the
business until a new CEO is named. Standley could not be reached for comment.
FWT said it also let go other
employees not associated with the company’s core businesses, and reached an agreement with BT Commercial Corp. to
amend its existing revolving credit facility to make available up to $15 million.
“Our goal was to trim
excesses in overhead and eliminate unprofitable product lines. At the same time, we have improved our service to
customers and maintained our high level of capacity,” said Ray McRae, FWT vice president, operations, and a
member of the operating committee.
The new operating plan includes appointing Leary, Masson and Associates as
management advisers to the board and reducing annual operating expenses by about $11 million for the coming year.
