Denman's Wright announces retirement

March 22, 2005

Charles Wright, CEO and president of Denman Tire Corp., has announced his plan to retire. Wright has agreed to stay until a replacement is found.

A 43-year tire industry veteran, he joined Denman in 1993 as CEO and president. He previously was general manager of Pirelli Armstrong Tire Corp.'s Nashville operation.

"It is a difficult decision to leave a great company like Denman Tire Corp. and I would like to thank the management team, all employees and our wonderful customers for a great 12 years," says Wright. "But I believe the time is right for me to move on and for someone else to take the reins of the organization."

Sanford Pensler, president of Pensler Capital Corp., the investment firm that owns Denman, praised Wright for helping turn around the once struggling specialty tire manufacturer. "Charlie has done a great job at Denman. We will all miss him, but we look forward to

entering into a new era in the long history of Denman Tire Corp."

A search is underway to hire a new CEO and president for the company.