Thresher Industries Appoints New Chairman

Oct. 25, 2007
Multiple responsibilities not in best interest of stockholders
Thresher Industries, the California producer of aluminum/composite cast components that recently revealed irregular pricing and trading of its stock, and acknowledged some poor decisionmaking by the corporate management, is getting some new blood in its executive suite. President and CEO Tom Flessner will give up his position as chairman of the company, and will be replaced by Ed Gardner, a current director. The board of directors has approved the change. The Hanford, CA- based caster of cast aluminum and metal-matrix composite castings recently entered into a memorandum of understanding that defines a planned manufacturing operation in South Korea. Gardner is corporate quality manager for Green Tweed — a manufacturer of customized, engineered elastomeric, thermoplastic, and composite components for aerospace, defense, fluid handling, industrial, medical/biotechnology, oilfield, pharmaceutical, and semiconductor markets. He has been a director at Thresher for 10 months. His work experience includes quality and management positions with Holley Performance Products, Allied Signal and Warn Industries. In his announcement of the change, Flessner said; “I have been serving in the roles of president, CEO and board chairman as well as working with our CFO and the board to complete the Talon/Asia joint venture. Looking at the future and the tasks ahead I realize my continuing with multiple responsibilities will not serve the best interests of the company in the long term."