Springfield-based Paul Mueller Co. (OTC: MUEL.PK) has named a new president and CEO for the second time this year.
David Moore, chief information officer since 2001, has been appointed to the company's top post, effective Aug. 29, according to a news release.
Moore replaces Robert Nosal, who was named president and CEO in April. Nosal succeeded Matthew Detelich, who resigned after six years of holding the company's reins, according to
Springfield Business Journal archives.
The release did not disclose whether Nosal resigned or was let go. Moore and Michael Young, director of human resources, could not be reached for comment by deadline. Calls to the company to speak with Nosal revealed he is no longer working at the company.
Moore, who holds a Master of Business Administration from the University of Chicago, first became involved in Paul Mueller Co. as a member of its board of directors, a position he has held since 1997.
Paul Mueller Co. also announced today that Jean Morris of Bass Pro Shops and Big Cedar Lodge has been appointed as a member of the company's board of directors. She fills a vacant seat with a term expiring next year. Morris is the wife of Johnny Morris, founder of Bass Pro.
During the second quarter, Paul Mueller Co.
paid Detelich severance and noncompete payments totaling $776,600. It is unclear if Nosal - who worked as a vice president for Columbus, Ohio-based Hexion Specialty Chemicals before taking the Paul Mueller position - will be eligible to receive a severance package.
Paul Mueller Co. posted a net loss of $1.2 million during the second quarter, partially due to the payment to Detelich. The company had a net loss of $257,000 in the first quarter. For the previous fiscal year ended Dec. 31, the company announced an $8 million loss, according to
SBJ archives.
Paul Mueller Co. manufactures stainless steel equipment and performs on-site construction, repair and maintenance.
The company's pink sheet stock closed Aug. 29 at $16.40 per share, compared to a 52-week range of $14.50 to $27.[[In-content Ad]]
