Russell Corporation announced that as part of an effort to flatten its organizational structure, it will eliminate the position of president and chief operating officer. Based on that change, Jon Letzler, who has filled that position since July 2001, will be leaving the company effective immediately.
According to Jack Ward, chairman and CEO, “Working with Jon, we have concluded that eliminating this position will help speed processes and create more accountability within the business units. We are appreciative of Jon's many contributions during his nearly seven years at Russell.”
Russell anticipates taking an extraordinary charge in the third quarter related to Mr. Letzler's existing employment agreement. The impact to fulfill the company's financial obligation to Mr. Letzler approximates 5 cents to 6 cents per diluted share.
