Welcome Guest to Coatings World    Login || Register
Last Updated Friday, October 24 2014
Print RSS Feed

Benjamin Moore CEO Abrams fired; replaced by Bob Merritt as of June 6



Published June 15, 2012
Billionaire Warren Buffett's Berkshire Hathaway Inc. has fired Benjamin Moore's CEO Dennis Abrams. A published report in the New York Post said that the former CEO used company money to treat top executives on a Bermuda getaway.

A spokeswoman for Benjamin Moore confirmed Denis Abrams was no longer running the 129-year-old company, which Berkshire acquired in late 2000 for about $1 billion. As of June 6 he was replaced by Bob Merritt, an outside executive from the restaurant industry.

Both Benjamin Moore and Berkshire officials refused to comment officially on the matter.

The New York Post reported that Berkshire executives traveled to Benjamin Moore headquarters in New Jersey and escorted Abrams from the building. The company-sponsored yacht trip in Bermuda was reportedly to celebrate a rise in quarterly sales, the first in five years, the newspaper said.

According to the article, the 62-year-old Abrams was not popular with Benjamin Moore employees, who the past five years have endured numerous rounds of layoffs and salary cuts as the company struggled to keep its head above water after the housing market collapsed. The company's revenue is reportedly half of its $1.1 billion high water mark before the recession hit.

It wasn't just employees but retailers also levied complaints against Abrams for price hikes and exclusive deals with large distributors at the expensive of smaller independents the newspaper said.

A source told the Post that one of the wives on the yacht cruise posted photos on her Facebook page, and news of the party spread through the office.

 



blog comments powered by Disqus
Receive free Coatings World emails
Sign up now to receive the weekly newsletter, and more!

Enter your email address:
Company Spotlight
BASF Corporation
100 Campus Drive
Florham Park, NJ, 07932
US
View Profile
Micro Powders, Inc.
580 White Plains Rd.
Tarrytown, NY, 10591
US
View Profile
Keeneyes
18F, No.85, Sec. 1, Chung-Shiao E. Rd.
Taipei, Taiwan, 100
R.O.C.
View Profile
Siltech Corporation
225 Wicksteed Avenue
Toronto, ON, M4H 1G5
Canada
View Profile
Houchi Chemical Co., Ltd
No.56, Fu Chow Street
Taipei, Taipei, 100
Taiwan
View Profile
AZ Electronic Materials Co., Ltd.
No. 458-6, Sinsing Road Hu Kou Township Hsinchu Country 303, Taiwan
Hsinchu Country, Taiwan, 303
Taiwan
View Profile
Shamrock Technologies, Inc.
Foot of Pacific Street
Newark, NJ, 07114
USA
View Profile
Sunin Machine Co., Ltd.
No.96, Chiao Ho Rd ,Chungho Dist
New Taipei City, Taiwan , 235
Taiwan Roc
View Profile
Lubrizol Advanced Materials, Inc.
9911 Brecksville Road
Cleveland, OH, 44141
US
View Profile
Follow Coatings World On