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Gunreference1
09-11-2010, 09:36 AM
Remington Arms CEO Resigns as Cerberus Awaits Gunmaker's Public Offering

By Juliann Neher - Sep 10, 2010 4:52 PM MT Email Share

Remington Arms Co., the gunmaker acquired by Cerberus Capital Management LP in 2007, said its chief executive officer resigned, almost a year after parent company Freedom Group Inc. filed for an initial public offering.

Theodore Torbeck, 54, who became CEO in March 2009, will leave Sept. 24 to join Cincinnati Bell Inc., Remington and Freedom Group said today in a statement. Torbeck is also CEO of Freedom Group, the largest gun and ammunition maker in the U.S.

Freedom Group had no immediate comment beyond the statement, a spokeswoman said. The Madison, North Carolina-based company said in an October regulatory filing that it planned to sell shares for as much as $200 million. A Cerberus spokesman, Peter Duda, cited the quiet period in advance of the IPO in declining to comment on Freedom Group’s business last month.

To read the rest of the story click the link below.

http://www.bloomberg.com/news/2010-09-10/remington-arms-ceo-resigns-as-cerberus-awaits-gunmaker-s-public-offering.html

Steve