Royal Appliance Mfg. Co., maker of Dirt Devil(R) floor care products, announced that Michael Merriman, the company's president and CEO since 1995, will be leaving the company on March 31, 2004 to pursue private equity opportunities in the consumer products arena. Royal Appliance was sold in April 2003 to Techtronic Industries Company Limited, a publicly traded Hong Kong corporation.
"It has been a year since the merger with Royal's largest supplier, and we have made a successful transition into Techtronic's portfolio of North American consumer products businesses, including Ryobi power tools and Homelite outdoor products," Mr. Merriman said in a statement. "Royal has an experienced senior management group in place to carry it forward. I am grateful to the whole team at Royal for their incredible performance during the past nine years. The 'Royal magic' in new product development is well regarded in the industry and will continue. It is time for me to devote my individual energies to private equity opportunities where I can assist emerging consumer products companies with their growth plans."
Horst Pudwill, CEO of Techtronic Industries, stated, "We thank Mike Merriman for leading the successful transition of Royal into our North American operations. Mike has developed a seasoned management team, who will report directly to David Butts, the Managing Director of our global appliance business headquartered in Hong Kong. We wish Mike every success in his new ventures."
to Daily News