TECUMSEH, Mich. Lenders have agreed to waive a 2.5 percent interest penalty that was supposed to have been imposed if Tecumseh Products Co. did not hire a new chief executive officer by May 1.
Lenders decided not to impose the penalty as long as the Lenawee County producer of compressors and lawn mower engines was making serious progress toward filling the position, James Nicholson, finance chief, told analysts and investors in a conference call yesterday.
We are, in fact, doing that, he said, declining to provide details of the search. President James Bonsall is serving as the firm s principal officer. The CEO position has been vacant since Todd Herrick left abruptly early in 2007.
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