SureBeam Names CEO, Withdraws Forecast

SureBeam Corp., which makes systems to kill food-borne bacteria, named a veteran advisor of troubled companies as its chief executive as it faced an accounting review and sluggish growth.

The San Diego-based company named Terrance Bruggeman, who has worked as the interim CEO or advisor to financially troubled companies for more than 15 years, as president and chief executive.

John Arme, who became CEO in July, will retain the post of chairman.

SureBeam said it would begin a detailed review of its business as it copes with slower-than-expected growth in domestic processing volumes and delays in its sales contracts.

The company said it would not meet its 2003 growth forecast, and losses before interest, taxes, depreciation and amortization would be greater than expected.

From Reuters