Todd Shipyards Chief Resigns

Hans K. Schaefer resigned Tuesday as chairman and CEO of troubled Todd Shipyards and took a job as president of Todd’s Pacific unit and general manager of its Seattle division. The company is based in Jersey City, N.J.

David W. Wallace was elected chairman and CEO to replace Schaefer. Wallace has been chairman of Feco Engineered Systems since 1985. In his new post, Schaefer will report to John T. Gilbride, Todd president and chief operating officer.