While many companies were strengthening their teams in the outdoor business last week, Russell Corporation moved to cut a layer out of its management team, announcing the elimination of the president/COO position held by Jon Letzler since July 2001.
The change, which RML hopes will flatten out the decision-making process, is expected to cost the company about 5 cents to 6 cents per share in the third quarter.
The move now leaves Sporting Goods division CEO Calvin Johnston and Activewear CEO Julio Barea reporting directly to Jack Ward, RML chairman and CEO.
Letzler, who was appointed to the Board in January, joined RML in December 1998 as CEO of the Jerzees business. He walks away from company with 24 months of salary and at least 50% of his planned bonus. All options immediately vest with a three-year exercise window.
