MUSCATINE, Iowa (Feb. 26, 2001) —Sam Ferrise, president of Bandag Inc.´s Tire Distribution Systems Inc. subsidiary, has resigned to become president of Baldwin Filters, a division of CLARCOR Inc. with headquarters in Kearney, Neb., Bandag announced.
Bandag Chairman and CEO Martin Carver, in a prepared statement, said a replacement for Mr. Ferrise will be sought, but in the interim TDS´ corporate management team will be in charge of the operation, reporting to Mr. Carver.
TDS owns and operates 107 tire sales, service and retreading locations in 17 states throughout the United States, and primarily serves truck fleet customers and owner-operators of heavy-duty trucks. In 2000, TDS reported consolidated net sales of $402.1 million.
Mr. Carver said Bandag´s commitment to its tire distribution subsidiary, formed in 1997 following the acquisition of five of Bandag´s largest dealer customers, remains as strong as ever.
``TDS is and will continue to be an important business segment of Bandag and a critical factor in the Strategic Alliance of Bandag dealers throughout North America,´´ Mr. Carver said.
Commenting on Mr. Ferrise´s resignation, Mr. Carver said, ``This certainly was a surprise to all of us, and we´re going to miss Sam. He made many important contributions to Bandag and to TDS over the years, not the least of which was his hand in fashioning the long-term vision for our organization, and his passion for continually adding value to the Bandag franchise.´´
Mr. Ferrise joined Bandag in 1981 as the dstrict sales manager in Detroit, Mich. During nearly 20 years with the company, he held a number of sales and marketing positions, including division sales manager and later vice president of sales and marketing. In 1998, Mr. Ferrise was promoted to executive vice president and chief operating officer for Bandag. In 2000, he was named president of TDS.