Del-Nat clears senior managers out of Memphis
Del-Nat Corp. has reorganized its senior management team effective immediately.
Gone are President Jim Mayfield and Vice President of Marketing Lyle Symonds. Brian Grant, a certified turnaround professional at Conway MacKenzie Inc., has been named interim CEO.
In a letter to customers, Del-Nat said the board "decided that a change of direction is needed."
Grant comes from Conway MacKenzie, a consulting and financial advisory firm "to the middle market," according to www.conwaymackenzie.com. He has served clients "in the context" of Chapter 11 and Chapter 7 bankruptcies, out-of-court restructurings, loan workout situations, and various types of transactions, including acquisitions, divestitures and liquidations.
Over the last several years, Grant primarily has been focused on real estate workouts and has helped direct the build-up of resources and work experience for Conway MacKenzie in this area, according to the company.
Before joining Conway MacKenzie, Grant was with the Recovery & Reorganization Group of Grant Thornton LLP, specializing in crisis management and corporate restructuring for the automotive industry in the United States and Europe. He represented a number of automotive companies at Grant Thornton, primarily Ford Motor Co.
At its annual meeting in January, Del-Nat celebrated its 25th year in business. The private brand tire cooperative, known for its brand exclusivity, is based in Memphis, Tenn.