Changes at TPC's Top

Abandoning the usual "left the company to pursue other interests" euphemism, Texas Petrochemicals (TPC) says it has "terminated" Carl S. Stutts, its president and CEO; Joseph Grady, its chief financial officer; and Stephen R. Wright, its senior vice president and legal counsel. Stutts joined the company in April 2003 and led the company through its Chapter 11 bankruptcy reorganization from July 2003 to May 2004. As part of the reorganization effort, TPC plans an initial public offering of stock. TPC quickly announced replacements, appointing Charles W. Shaver, 45, to the positions of president, CEO, and member of the board. Shaver was with Gentek, where he ran the chemicals business. TPC also named Frederick M. Pevow Jr. interim senior vice president and CFO. He is a founder of the small investment banking firm Teal Capital Partners. TPC, which makes chemicals from crude C4 streams, has been hit hard by gasoline reformation, which destroyed demand for one of its main products, methyl tert-butyl ether.