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"The fight is never about grapes or lettuce. It is always about people." Cesar Chavez |
:: Wednesday, March 19, 2003 ::
ENR - Worries Over Shrinking Assets As Ullico Director Resigns Carpenters' union President Douglas J. McCarron resigned from the ULLICO board on March 13, protesting the board's lack of action in carrying out management changes recommended in an independent report. Last year the board hired former Illinois Gov. James Thompson to conduct an independent query. The board, citing attorney-client privilege, has declined to make the report public. According to industry sources, it calls on board members who profited from the stock transaction to return their profits. Sources say it also calls for management changes but not the ouster of ULLICO President and CEO Robert A. Georgine, the former president of the AFL-CIO Building and Construction Trades Dept. Labor sources say that Georgine has been under pressure but board members recently gave him a vote of confidence. A key staff member, John K. Grelle, ULLICO's chief financial officer, resigned recently. The reason was not clear and Grelle could not be reached.
In his resignation letter to Georgine, McCarron says he is "disappointed that by now the recommendations Governor Thompson made in his report have not been implemented. I am disappointed that the other directors have not followed my lead in returning the profits from the stock transactions. I am disappointed that the company has not turned its core business around financially." McCarron returned his profits in November 2002.------------------------------------------- posted 3:45 PM :: reference link ::
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