6/1/2009
HEADLINES
Kelliher Resigns From TZ Ltd.
Abrupt departure follows executive pay cuts
Intelligent fastener maker TZ Ltd. said its CEO, Chris Kelliher, resigned on May 5, Australia Company News Bites reports. Kelliher also gave up his post as head of TZ’s U.S. subsidiary, TZ Inc. TZ said Kelliher did not give reasons for his resignation or discuss the move with company directors.
TZ director Michael Otten has been appointed acting CEO of TZ Inc.
Kelliher’s resignation comes weeks after TZ announced its top executives, including Kelliher, would forego 20% of their salaries during the global recession in an effort to save the company around $530,000 a year.
Kelliher was promoted to CEO in November 2005 after serving as CEO TZ Inc., a position he continued to hold. Kelliher also oversaw TZL’s listing on the Australian Stock Exchange in April 2004, the relocation of its operations to Chicago, and the acquisition of Illinois based Product Development Technologies Inc. (PDT) in early 2005, according to a 2005 TZ press release.
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