2nd Greenberg to Be Coleco’s New Chairman
Arnold C. Greenberg was named Tuesday to succeed his brother Leonard as chairman of Coleco Industries Inc., the company said in announcing new roles for its top three executives.
Arnold Greenberg, 51, will remain as chief executive of the toy manufacturer. J. Brian Clarke, executive vice president of the West Hartford, Conn.-based firm, will succeed him as president and assume the duties of chief operating officer. Leonard E. Greenberg, 57, will become chairman of the executive committee.
The moves are scheduled to take effect June 12 with Coleco’s annual meeting.
“These appointments recognize the new roles assumed within the last year by the company’s three senior executives,” Arnold Greenberg said in a statement. “As a result, Coleco’s management structure will be strengthened as the company will be better positioned to take advantage of opportunities for profitable growth.”
In the first quarter ended March 31, Coleco reported earnings of $27.4 million, including an extraordinary credit of $8 million resulting from tax loss carry-forwards. Revenue was $194 million, up 4.3%
The first quarter marked a return to profitability after losses in 1984 stemming from expenses associated with the Adam home computer, which the company has dropped.
The renewed profitability was attributed to the success of Coleco’s Cabbage Patch Kids dolls.