Barr resigns from Wellman board
By Staff -- Home & Textiles Today, 12/22/2006 9:50:00 AM
Fort Mill,S.C.– David Barr has resigned from the board of directors of polyester fiber producer Wellman, Inc. effective December 31.
In a Form 8-K “Change in Directors or Principal Officers” filed today with the Securities and Exchange Commission, the company said that due to Barr’s “increasing responsibilities at Warburg Pincus, he indicated that he could not devote the necessary attention to the Wellman board of directors in the future.”
The company also stated, “Barr was elected to the board by Warburg Pincus Private Equity VIII, L.P. (“WP VIII”), which holds 11,202,143 shares of preferred stock and is entitled to elect two directors to the board. The other director elected by WP VIII - Kevin Kruse - remains on the board.”
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