"The board believes it has chosen the best person for the job of leading Wabash to future success," said Wabash chairman John T. Hackett. "Bill Greubel has a proven track record in manufacturing, marketing and operations in the transportation industry and we are confident he has the experience and leadership to lead Wabash through its next stage of growth.''
Greubel had been a director and the CEO of Accuride Corp. He served as the company's president from 1994 to 1998.
Greubel replaces Donald J. Ehrlich, who retired as president & CEO last July. The company announced yesterday that Erlich, the company's leader since its 1985 foundation, is resigning from the board of directors but will remain with Wabash as a consultant.
Lafayette, IN-based Wabash is trying to dig itself out of deep financial trouble. The company lost $232.2 million last year, with half of its loses, $134.9 million, occurring in the fourth quarter of 2001 alone. It also said sales of its new trailers dropped by over 33%.
Wabash recently restructured its line of credit and debts, extending the term of a $125-million and $192-million loan until 2004. Another $63-million line of credit has been extended to 2005, said Wabash, adding that it has gained a new, two-year $110-million receivables facility with GE Capital.
Wabash said its losses last year were due to restructuring charges, layoffs, the sale of its international division and efforts to reduce used trailer inventories, along with the fallout from Sept. 11 and the recession. The company also took a charge in 2001 because it was not in compliance with rules of its line of credit.
