PARK-OHIO NAMES McGINTY INTERIM CHAIRMAN AND CEO; KIRKHOFF AS INTERIM VICE CHAIRMAN
PARK-OHIO NAMES McGINTY INTERIM CHAIRMAN AND CEO;
KIRKHOFF AS INTERIM VICE CHAIRMAN
CLEVELAND, Nov. 14 /PRNewswire/ -- Thomas E. McGinty has been named interim Chairman of the Board and Chief Executive Officer of Park-Ohio Industries, Inc. (NASDAQ: PKOH), diversified Cleveland-based manufacturing company. In other action by the Board of Directors, James B. Kirkhoff, who recently retired as a senior officer of the Company, was named interim Vice Chairman.
McGinty has been a member of the Company's Board of Directors since 1986 and was named Chairman of its Executive Committee in 1988. As chairman of the board and chief executive, McGinty succeeds Stanley V. Intihar, who has resigned from the Company and the Board of Directors to pursue other interests. Robert T. Bourg continues as the Company's president and a member of the Board.
"The Board is committed to getting Park-Ohio moving ahead as quickly as possible," McGinty said. "Towards that end, we will be actively pursuing new opportunities to reposition the Company for the future.
"At the same time, we are expanding our major business, Bennett Industries, through the construction of a new container plant in Valparaiso, Indiana, and we are progressing with efforts to improve our other manufacturing operations." He added that the Company was on schedule with the previously announced exit from its metal abrasives business.
McGinty also indicated that the Company would conduct a search for a chief executive.
McGinty is President of Belvoir Consultants, Inc., a management consulting firm he founded in 1983. He is the former Chairman of the Board of Ormet Corporation, an aluminum producer, and is also a Director of RB&W, Inc.
Kirkhoff was Senior Vice President when he retired from Park-Ohio this summer. He had been with Park-Ohio since 1961 and has been a member of the Board of Directors since 1987.
Park-Ohio's operations include plastic and steel containers, forged and machined products, induction heating systems and industrial rubber products. The Company's common stock is publicly traded on the national over-the-counter market.
/CONTACT: Harold A. Madorsky of Park-Ohio Industries, Inc., 216-991-9700; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Park-Ohio Industries, Inc./
(PKOH) CO: Park-Ohio Industries, Inc. ST: Ohio IN: MAC SU: PER LC -- CL005 -- 4315 11/14/91 09:55 EST