Yet another shakeup at Freedom Group, parent of Madison's Remington Arms

Freedom Group Inc., parent company of Remington Arms Co. in Madison, announced today another major management shakeup that includes the resignation of its chairman and chief executive.

Robert Nardelli stepped down, effective immediately, just more than two months after being appointed chief executive.

John Blystone was replaced as chairman by George Kollitides, a Freedom Group board member and a former managing director of Cerberus Capital Management LP, a private investment company.

The company said in a statement Kollitides will serve as interim chief executive "pending the completion of negotiations with a successor CEO expected to be named shortly."

Company officials could not be reached immediately for further comment. Both Blystone and Nardelli will serve as a senior adviser to Cerberus and an affiliate.

Freedom Group is a manufacturer and marketer of firearms, ammunition and related products for the hunting, shooting sports, law-enforcement and military markets. Among its brands are Remington, Marlin, Harrington & Richardson and New England Firearms.

It is the third chief executive change for Freedom since September 2010, when Theodore Torbeck left to become president and general manager of Cincinnati Bell Communications.

Nardelli acted as chairman of what Freedom called "the office of the chief executive" until he was appointed formally as chief executive on Jan. 3. Nardelli said in the statement he was resigning to spend more time with his investment and consulting company, XLR-8 LLC.

Nardelli was hired to assist Cerberus and its affiliates with raising money to buy and restructure underperforming companies. Nardelli also has served as chief executive and chairman of The Home Depot and of Chrysler LLC.

Steve Feinberg, chief executive of Cerberus, said Nardelli "enhanced Freedom Group's operational capabilities, strengthened the management team and created a metrics-driven organization and how-to culture."

Originally posted here:
Yet another shakeup at Freedom Group, parent of Madison's Remington Arms