Rock of Ages CEO to retire.
He will be succeeded by chief operating officer Donald Labonte.
Swenson, 63, who has been at the helm of the Concord-based quarrier since 1984, will remain chairman of the board and assist in Labonte's transition through Sept. 30. After that time, he will retire as a Rock of Ages employee. His term as a board director will expire at the company's 2009 annual shareholders meeting next June.
Labonte, 46, joined Rock of Ages in 1980 as a production worker in the company's Canadian operations. He has since served in several management positions including president of Rock of Ages Canada, president of manufacturing operations and president of quarry operations.
"One of the last major steps in the planned return of Rock of Ages to its quarrying and manufacturing roots, this senior management transition will simplify our management structure and reduce unallocated overhead expenses by nearly $500,000 annually beginning in this year's fourth quarter," Swenson said. "I look forward to my continuing involvement with the company as non-executive chairman of the board."
Rock of Ages is the largest integrated granite quarrier and manufacturer of finished granite memorials in North America.
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|Title Annotation:||CONCORD OUTLOOK|
|Publication:||New Hampshire Business Review|
|Article Type:||Brief article|
|Date:||May 9, 2008|
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