Navarre Corp. said Monday that Eric Paulson will retire as chairman and director.
Paulson, 66, founded the distribution and supply chain company and served as its CEO until 2007.
He will retire after completing his current term, and will not stand for re-election at the company's annual shareholder meeting in September, the company said.
It is the latest change at the top of the New Hope based company. In February, under pressure from its largest shareholder, Dallas-based Becker Drapkin Management, the company added two outside directors to its board. Two months later, Navarre's CEO of four years, Cary Deacon, was gone. A new CEO has not been named. The former chief operating and chief financial officer, J. Reid Porter, is serving as interim CEO.
The company did not release any guidance about when a new chairman might be named.
Paulson grew sales to a high of $698 million in 2007, his last year as CEO, though the company has not fared as well recently. Last year's sales were $528 million, and the company's stock has been tumbling since October, when it traded at $2.65. It closed Monday at $1.70, down 10 cents.
"Eric has been a pillar of the Navarre organization for nearly 30 years, and we are grateful for his vision, leadership and years of service as the founder of the company, former chief executive officer and chairman of the board," director Keith Benson said in a statement.
Prior to joining Navarre, Paulson worked in various management capacities at Pickwick International, and he has served the entertainment industry since 1967. From 1995 to 2001 Paulson was also Chairman of Net Radio, a subsidiary of Navarre, and oversaw its public offering in 1999. He's also been involved with the National Association of Recording Merchandisers, the Recording Industry Association of America, the National Association of Wholesalers and the National Association of Corporate Directors.
