Thomas Equipment last week named Michael Luther chief restructuring officer and will lead the company’s day-to-day operations effective immediately.
A 20-year veteran of corporate finance and merchant banking, Luther most recently managed a hedge fund associated with Deutsche Bank, leading combined transactions of more than $1 billion, including the acquisition of Alamo National Car Rental.
President and CEO James Patty, and chief operating officer William Davis, have resigned as part of the next phase of Thomas’ restructuring. Patty will continue to serve on the company’s board of directors.
“The company continues to face significant short-term challenges that must be overcome to successfully implement longer-term strategic opportunities,” said Luther. “I am confident that we can emerge as a stronger and more vibrant company.”
Thomas Equipment is based in Centreville, New Brunswick, Canada.
