Irwin Jacobs No Longer CEO of Genmar

Genmar Holdings Inc. has notified its dealers, suppliers and employees that Irwin Jacobs is no longer serving as the Chief Executive Officer of Genmar through a letter dated November 9 from company president Roger Cloutier II.

“Given the circumstances surrounding Genmar as it moves forward in the sale of the company's businesses and non-core assets, this change in Mr. Jacobs' role was made in the best interest of all constituents,” wrote Cloutier. “The separation will allow Mr. Jacobs to pursue his objectives relative to Genmar's asset sale process in an effective and independent manner and eliminates potential conflicts of interest.”

In late October Genmar announced its intentions to sell its assets and that Jacobs had expressed an interest in pursuing them. At the time, Jacobs acknowledged that he needed to “separate [himself] from the present situation in order to get that done.”

Genmar has been operating under the direction of Manchester Companies Inc. since June 1, 2009. Manchester was engaged as the Chief Restructuring Officer (CRO) and given the full authority generally held by Genmar's CEO. According to Cloutier, an arrangement in which Genmar's Office of President is made up of two representatives of Genmar and two from Manchester will continue going forward.