DETROIT - A two-man team has replaced Joseph Day, who stepped down last week after less than three months as CEO of troubled Venture Holdings.
Executives for the injection molder say that the company's fortunes had improved faster than expected under Day and that Day would assume a different role for personal reasons.
Joe Bione, Venture's COO, says he and CFO Jim Butler will run the Fraser, Mich., supplier to the Chrysler group.
Eleven companies connected to Venture, all wholly owned by Larry Winget, filed for creditor protection on March 28 in U.S. Bankruptcy Court in Detroit. Day, who developed a reputation as an automotive lean-manufacturing expert, joined Venture March 31 as CEO. He retired from Freudenberg-NOK of Plymouth, Mich., in 2002. Last week Day became chairman of Venture's executive committee and its restructuring commitee.
"I remain encouraged about the progress we have made and that I expect the company to continue to make," Day said in a Thursday, June 5, news release.
Plastics News contributed to this report