Quaker Fabric Corporation (NASDAQ: QFAB) is a leading manufacturer of woven upholstery fabrics for furniture markets in the United States and abroad, and the largest producer of Jacquard upholstery fabric in the world.
Quaker recently announced they have terminated their CIO, Norman J. Sturdevant, and their VP of Supply Chain Management, Mark R. Hellwig. According to this press release, Sturdevant was hired back in 2001. Just in case you thought they didn’t really mean it, Quaker also filed an SEC Form 8-K.
Sturdevant’s job (the former CIO) is now being performed by the company’s CFO, which I suppose is reasonable, on an interim basis anyway. But Hellwig’s job (the former Supply Chain guy) has been taken on by two people: the VP of Manufacturing and the VP of R&D.
Sounds to me like there was some sort of meltdown in a strategic project related to the manufacturing supply chain, perhaps caused by large-scale technology or integration issues. This kind of shuffling must mean the problem was really big.
Wish I knew more, but there isn’t much information out there about this. Here at the Deck Chairs blog, when we see smoke, we keep a lookout for the fire. Anyone have insight about what happened over at Quaker? If so, let me know.-----