Daily NewsView All News
The founder and executive chairman of the Nelson Family of Companies, Gary Nelson, will return to the role of CEO, the company announced Monday. Nelson takes over from Jonathan "JP" Parker, who was announced as CEO in May 2008.
The move comes after a restructuring brought on by challenging economic conditions.
"The restructuring included several components that, taken together, reduce operating expenses approximately $3.0 million," Nelson said. "Among these actions was the conclusion that the business climate did not require or support an executive chairman and a CEO."
Nelson takes on the CEO post effective March 1.
"Gary has remained very active in our business, and his passion for his company is evident daily," Parker said. "When it became clear that we had more leaders than we needed, the pragmatic choice was for Gary to resume the CEO role and for me to step out. Reducing the overhead is clearly the right thing for the business."