The top two executives of Ideal Basic Industries have resigned in a management shake-up at the financially ailing cement company.
Michael T. Nelligan, recruited four years ago to turn around the Denver-based company, resigned as chairman and chief executive. Senior Vice President Richard E. Reuss also submitted his resignation. Both resignations are effective immediately, the company said in a press statement.
Thomas Bronson, who currently heads the cement division of Moore McCormack Resources Inc. at Stamford, Conn., will replace Nelligan on Feb. 1, Ideal Basic said.