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Business

Ferro CEO Steps Down

by Marc S. Reisch
November 19, 2012 | A version of this story appeared in Volume 90, Issue 47

James F. Kirsch, CEO of Cleveland-based chemical maker Ferro since 2006, has stepped down and resigned from the company’s board. Peter T. Thomas, operating vice president, has temporarily succeeded Kirsch while the board seeks a permanent successor. “The board and Jim have agreed that now is the right time to identify new leadership for the future,” says acting board chairman William B. Lawrence. Last month, Ferro said it will sell its solar pastes unit because of plummeting sales. Ferro also took a $335 million charge against earnings and detailed plans to lay off 500 workers.

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