Click for Ann Arbor, Michigan Forecast
Monday October 24, 2016
Follow us: facebook twitter RSS feed
Print Comment E-mail

Family Feud



"Tricap would loan $100 million," says Hess, "but they told us the company needed to seek professional, non-family management. We agreed. Todd Herrick agreed, though he probably thought he'd get to step down at a time of his choosing. But things had gotten so critical so quickly that the board felt it had to act immediately-and it put Todd Herrick out as CEO in January of '07" by a vote of 3-2.

The Herricks' spokesperson, Jim Cain, sees things differently. "Todd had already agreed to step down before the board approached Tricap," he says. "If you've already agreed to resign, how can you be fired?" Yet Todd Herrick himself, in a legal deposition, described his departure as a "firing." His son, Kent, a company vice-president, departed the same day.

Whatever the circumstances, the Herricks were plainly unhappy. Todd still chaired the company's board, and within weeks he nominated two new members. The Herricks' spokesperson at the time said they did so because "we really felt that the board needed people of more experience in financial matters." Hess suspects a different motive: "Todd nominated two people of his choice because he wanted to regain his management position."

"Todd Herrick has said throughout this entire battle that he doesn't have any design to return to a leadership role in the company," responds Cain. But just in case he did, the company majority on the board moved to expand the board to seven members to try to prevent the Herricks from retaking control. Then they booted Herrick off the board.

Bookmark and Share
previous  ·  1 l 2 l 3 l 4 l 5 l 6 l 7 l 8  ·  next page
all on one page
read more stories here -> Marketplace  l  Culture  l  Community  l  News
Ann Arbor Regent
Link to view the Ann Arbor Observer 2016 Media Guide
top of the lamp. All your in home lighting needs.
Holiday Inn Ann Arbor. Comfortable Hotel, a home away from home.
Become of Fan of the Ann Arbor Observer on Facebook
A visitor's guide to Ann Arbor