Last $4.64 USD
Change Today +0.06 / 1.31%
Volume 8.1K
TECU On Other Exchanges
As of 10:54 AM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

tecumseh products co (TECU) Snapshot

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08/1/13 - $11.44
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06/27/14 - $4.42
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tecumseh products co (TECU) Details

Tecumseh Products Company manufactures and sells hermetically sealed compressors. The company offers air conditioning and refrigeration compressors, as well as condensing units, heat pumps, and refrigeration systems. Its products are used in commercial refrigeration applications, including walk-in coolers and freezers, ice makers, dehumidifiers, water coolers, food service equipment and refrigerated display cases, and vending machines; household refrigerators and freezers; and residential and specialty air conditioning, and heat pumps comprising window air conditioners, packaged terminal air conditioners, and recreational vehicle and mobile air conditioners. The company also produces variable speed compressors for a range of mobile cooling applications that utilize battery and solar power, such as military, medical, telecommunications, aircraft, transportation, and automotive applications; and sub-assemblies, including indoor and outdoor condensing units, and multi-cell units. It market compressor and condensing unit products under the Tecumseh, Masterflux, Silensys, Celseon, and Vector brands. The company sells its products primarily through its sales staff, as well as independent sales representatives to original equipment manufacturers and authorized wholesale distributors in 103 countries. Tecumseh Products Company was founded in 1930 and is headquartered in Ann Arbor, Michigan.

5,800 Employees
Last Reported Date: 03/5/14
Founded in 1930

tecumseh products co (TECU) Top Compensated Officers

Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $350.0K
Compensation as of Fiscal Year 2013.

tecumseh products co (TECU) Key Developments

Tecumseh Products Company Announces Executive Changes

Harold Karp has been named interim President and Chief Executive Officer of Tecumseh Products Company following the resignation of James Connor. The Tecumseh Board of Directors also approved the appointment of Gary Cowger as Chairman.

Tecumseh Products Company Announces Management Changes

Harold Karp has been named interim President and Chief Executive Officer of Tecumseh Products Company following the resignation of James Connor. The Tecumseh Board of Directors also approved the appointment of Gary Cowger as Chairman. For 18 years, Karp was employed by The Alpine Group or one of its portfolio companies, serving in various senior operating and executive positions. Karp served as President and Chief Operating Officer from February 2007 to December 2013 of Wolverine Tube. Karp has served on the Tecumseh Board of Directors since January 2014. Cowger's appointment as Chairman of the Board, together with the recent additions of four Directors, provide a broad range of public company, operational, financial and industry experience.

Tecumseh Products Company Announces Management Changes

Tecumseh Products Company announced that it has approved the appointment of Gary L. Cowger, one of independent directors, as non-officer Chairman of the Board, effective immediately. He will serve in that position at the discretion of the Board. Also on June 27, 2014, James J. Connor, resigned from all of his positions with us, including as President, Chief Executive Officer and Secretary and as one of directors, effective immediately. The company are engaging in an executive search for a permanent President and Chief Executive Officer, with Harold M. Karp, interim President and Chief Executive Officer, anticipated to be a strong candidate for that position. The Board is also currently interviewing candidates to add two additional directors to the Board as a result of Zachary E. Savas's January 20, 2014 resignation and Mr. Connor's resignation, but has reduced the current size of the Board to five persons for now. The Board of Directors appointed one of existing directors, Harold M. Karp, as interim President and Chief Executive Officer, effective immediately, and appointed Janice E. Stipp, current Executive Vice President, Chief Financial Officer and Treasurer, as Secretary, effective immediately. As a result, Mr. Karp no longer qualifies as an independent director. Therefore, immediately before his appointment, he resigned as a member of Audit Committee and as a member of Governance and Nominating Committee. He was simultaneously replaced on Audit Committee by Gary L. Cowger and on Governance and Nominating Committee by Douglas M. Suliman, Jr. From January 2014 until June 27, 2014, when he became interim President and Chief Executive Officer, Mr. Karp was a self-employed consultant providing operational analysis to third parties. Mr. Karp is party to a letter agreement with that requires to elect him as President and Chief Executive Officer.


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