Neenah Enterprises Selects New President/CEO

Jan. 9, 2011
Thomas J. Riordan is a former Terex and SPX executive
Former Terex Corp. president and chief operating officer Thomas J. Riordan is the new president and CEO of Neenah Enterprises Inc. Neenah Enterprises Inc. is a holding company for several gray and ductile iron foundry operations, including Neenah Foundry Co., in Neenah, WI; Advanced Cast Products in Mercer, PA; Dalton Foundry in Fort Wayne, IN; and Deeter Foundry in Lincoln, NE. Its products are supplied to municipal and various industrial markets. The group also includes Mercer Forge, in Mercer, PA, which produces carbon and alloy steel forgings from 3 to 100 lb. NEI and 17 subsidiaries filed a Chapter 11 claim last February , to restructure debts totaling $449.1 million (versus assets of $286.6 million.) The reorganization reduced the total debt by more than $270 million. In August GE Capital, Restructuring Finance provided a $100-million credit facility to NEI, to support its prearranged reorganization. Riordan will assume the new post February 1. In addition to his position with Terex (a construction equipment manufacturer acquired by Bucyrus International in 2010) Riordan held a series of executive posts with SPX Cprp. He holds an engineering degree from Northwestern University and a master’s degree in management from Purdue University. "Tom Riordan is a world-class manager who will very capably architect and lead Neenah's future,” stated NEI chairman Ted Lodge. “The board is delighted that we have the opportunity to work with a seasoned executive of Tom's stature. We would also like to thank our interim CEO, Rich Caruso, a managing director with Huron Consulting Group, for his many contributions to transitioning Neenah while the CEO search was underway." In July 2010, when NEI announced the finance package that would lead to its exit from bankruptcy, it reported that Caruso would be the group’s acting chief executive officer and Brent E. Johnson of Huron would serve as acting chief financial officer. Caruso had been Neenah’s chief restructuring advisor during the bankruptcy.