At Quabaug Corporation's Board of Directors' meeting held on August 21, 2007, a
transition was made in the leadership of the company. Roger Varnum resigned as
Chairman of the Board, a position that he has held since 1995. Kevin Donahue,
Quabaug Corporation CEO, was subsequently elected Chairman
and will retain his position of CEO. This election culminated a
91-year history of Varnum family ownership in the corporation. On July 5, 2007,
Quabaug Corporation executives, Kevin Donahue, Mike Gionfriddo, President &
COO, and Jim Barkoskie, Vice-President Human Resources, completed a transaction
that would allow them to own the company going forward.
Roger Varnum was
instrumental in developing this succession plan and will continue to serve as an
advisor to Quabaug. Varnum commented on the transition, “I am excited. It is a
new era. Having worked with Kevin, Mike and Jim for many years, I have seen the
passion that they have for this company. I believe that this passion coupled
with their integrity, forward thinking, and competence will continue to grow
Quabaug Corporation as a worldwide leader in elasto-rubber products.”
“I
am grateful for Roger's confidence and continued support,” Donahue stated.
“Under Roger's leadership we achieved growth, diversification and success. This
change will allow us to continue these trends. We are committed to our
associates and customers. We are excited about the future and evolution of
Quabaug.”
