All Hands On Deck by Peter J. Boni

Author:Peter J. Boni
Language: eng
Format: epub
Publisher: Career Press
Published: 2015-05-04T04:00:00+00:00

A Second Ownership Shift, New Issues, and New Management

Compounding the issues, Maidenform’s auditors declared the company had material weaknesses in its financial processes. In accounting terms, that made a major black mark. With the founders and their handpicked successors gone and new management installed, the manufacturing shifted offshore, at first to the Caribbean. Then, as the company began to make progress, the private equity owner sold 80 percent of its Maidenform stock to another private equity firm in 2004. That new owner took an aggressive stance toward updating Maidenform’s methodology to compete in the 21st century.

With industry veteran Tom Ward appointed as CEO, Maidenform had to rebuild its management team. Tom began moving product manufacturing to top-tier Chinese contractors. In the meantime, he was searching for an operationally savvy CFO to take a seat on his executive staff.

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