The board of directors of shipping pallet and container maker Pallet Management Systems (PMS) has fired president Zachary M. Richardson, and replaced him with Robert L. Steiler, who will serve in an interim capacity.
Steiler has been a director at Coral Springs, FL-based PMS since April 2000 and was a business consultant to the company from February 2000 until last June.
No reason was given for the management change, which came after Richardson helped return the company to profitability in 2001 following major losses the previous year. Richardson had reorganized the company's management team and cut operating expenses by 12%.
PMS said it ended its 2001 fiscal year with net income of $303,000, versus a loss of $2.25 million in fiscal 2000. Sales during the 53-week fiscal year 2001 increased 16%, reaching $72.1 million versus $62.4 million in fiscal 2000, a 52-week period.