J. Patrick Nicholson, chief executive of N-Viro International Corp., announced yesterday that he will retire next year from the sewage treatment firm he founded nearly 25 years ago.
Mr. Nicholson, 64, will turn over leadership of the company May 10, 2002 to Terry J. Logan, current president and chief operating officer. Mr. Nicholson will stay on as chairman of the board of directors and as a consultant to the company. The firm licenses and operates a sewage treatment process.
N-Viro is Toledo's smallest company that has stock traded on a major exchange.
Mr. Nicholson, who is chairman of the Toledo-Lucas County Port Authority, announced his departure at the firm's annual shareholders' meeting. He founded the company in 1977 and took it public in 1993. It stock last closed at $1.80 a share on Nasdaq's small cap market. The company lost $220,000 on sales of $1.2 million in the first quarter.
“I m turning 65 in two weeks,” he said. “When Dr. Logan came on board it was always understood he would take over in 2002.”