William P. Twomey, president and chief executive of Itel Corp., has resigned in the wake of the company's plan to restructure top management, the San Francisco-based company said Friday.
The company did not elaborate on the reasons for Twomey's departure, nor was he available for comment. His resignation was effective Thursday, a spokesman said.
In a statement, the equipment-leasing company said it is forming a committee to "act in a chief executive capacity" to search for a new chief executive and to implement the restructuring. The form of the restructuring wasn't disclosed, but the spokesman said it will probably be announced when the committee designates a replacement for Twomey.
The three-man committee is headed by Samuel Zell, 43, a Chicago financier who recently acquired 22% of Itel's common stock and stock warrants. Zell was named in February as successor to Chairman Herbert Kunzel, who will retire at age 76 at next month's annual meeting.
Twomey, 42, joined Itel as a vice president and chief financial officer in June, 1980, less than a year before Itel filed for protection from creditors in one of the most massive reorganizations in corporate history. He was promoted to senior vice president-finance and administration in September, 1982, and was named president and chief executive a year later when Itel emerged from Chapter 11 of the U.S. Bankruptcy Code.