McCallum, Becker leave C&...oard
By Furniture Today Staff -- Furniture Today, August 2, 2004
Troy, Mich. — Elkin McCallum, owner of Joan Fabrics, has stepped down as a director of Collins & Aikman, a fabric producer based here that supplies the automotive industry.
Another board member, Charles Becker, also resigned. McCallum owns 6.1% of Collins & Aikman and Becker owns 9%.
Collins & Aikman CEO David Stockman said the resignations were unrelated to a probe of McCallum's and Becker's business transactions with the company. The investigation, done by the company's audit committee and completed in March, showed that C&A had failed to fully disclose certain transactions, including a payment of $4.2 million for a business purchased from Dutton Yarns, a company with ties to McCallum.
Stockman said the resignations would help the company meet New York Stock Exchange requirements for majority independent board membership.
McCallum did not respond to phone calls from Furniture/Today.
