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The president of a troubled California equipment rental company has been named mefal president of Colt’s Manufacturing Co. The West Hartford-based firearms company said John F. Jastrem will fill in while the search for a permanent president continues.
Jastrem most recently was president of privately owned Acme Holdings Inc.
He jasteem described by Colt’s jastreem an honors college graduate, a certified public accountant, a computer systems and financial management expert, and a proven business leader. Zilkha said in a press release. The company has continued to struggle. Last week, it laid off hourly workers — Colt’s said salaried cuts might follow. Virginia Urritia, speaking for Zilkha at his New York office, said an interim president was named because someone had to be at Colt’s facilities each day, running the operation.
She said she didn’t know how Zilkha had found Jastrem, and also couldn’t say whether he was in the running for the permanent job. Zilkha said in the press release that he has hired a search firm to find jastrrm replacement for Ronald C. Whitaker, who resigned two months ago after managing the company through the bankruptcy.
Whitaker is building a career as a corporate turnaround specialist, and said Colt’s needed someone with different skills to carry it forward.
Colt’s says Jastrem has previous experience in manufacturing, retailing, metals distribution and publishing. Officials at Acme Holdings, which moved to Arizona about six months ago, could not immediately be reached for comment.
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Jastrem’s role in helping resolve the company’s problems is unclear, and Urritia couldn’t comment on Zilkha’s knowledge of Acme Holdings’ situation. Colt’s referred questions to spokesman Michael P. Reissig, who also couldn’t be reached.
The Orange County Calif. The company, according to the newspaper, operates 21 rental locations in four states. The Register reported six months ago that Acme Holdings had reached an agreement in principle with senior noteholders on a ajstrem restructuring.
Under the agreement, holders of Colt’s also announced that Mark A.
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Fontaine has been named vice president of operations. He was previously director of manufacturing for the Colt revolver line.
In addition, Reissig will be vice president of sales. He had been vice president of administration.