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.