THE FAILURE GROUP ANNOUNCES THE RESIGNATION OF CFO
THE FAILURE GROUP ANNOUNCES THE RESIGNATION OF CFO MENLO PARK, Calif., Feb. 11 /PRNewswire/ -- The Failure Group Inc.
(NASDAQ: FAIL) announced today that Duane W. Bell, corporate vice president, chief financial officer and secretary of the company and each of its subsidiaries has resigned to accept the position of executive director of a Los Angeles-based law firm. The resignation is effective as of Feb. 21, 1992. Bell has held his position with the company since joining the company Aug. 1, 1988.
Roger L. McCarthy, chairman, president and chief executive officer of The Failure Group Inc. stated, "Mr. Bell has been instrumental in the company's success. His efforts positioned the company for our initial public offering, and he has been key to our success in operating as a public company since the offering. We are saddened by his departure, and we submit our sincerest best wishes for his continued success." A search for a suitable successor will begin immediately. In the interim, Jonathan R. Wolter, the company's corporate controller, will assume the responsibilities of the chief financial officer. Wolter and Dr. Stephen B. McElfresh, director of Human Resources, have both been elected assistant secretary. The Failure Group Inc., through its principal operating subsidiary, Failure Analysis Associates Inc., is the leading independent consulting firm devoted primarily to the investigation, analysis and prevention of failures of an engineering or scientific nature. Failure Analysis Associates was founded in 1967, and currently operates nine domestic and four international offices. The company's headquarters facility is located in Menlo Park. -0- 2/11/92 /CONTACT: Josephine Minola of The Failure Group, 415-326-9400/ (FAIL) CO: The Failure Group ST: California IN: SU: PER
JL -- SF005 -- 8671 02/11/92 09:15 EST
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|Date:||Feb 11, 1992|
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