Pameco names new CFO, CIO
Pameco Corp. recently named Mark S. Sellers as vice chairman and chief financial officer. He has more than 32 years of experience in retail stores and distribution, most recently as CEO or CFO of four regional grocery chains in leveraged buyout situations.
The company also named Nicholas L. Coussoule as its new chief information officer. Coussoule was previously director/information technology at Alumax Inc., a producer and marketer of aluminum and fabricated aluminum products. There he was responsible for coordinating IT initiatives for eight business units worldwide.
The appointment of Jacke Reynolds as Southwest Division president, responsible for Texas, New Mexico, Louisiana, Kansas, Missouri, Oklahoma and Arkansas markets, will further strengthen Pameco's management structure, according to the company. Reynolds has been with the company 21 years, most recently as divisional vice president.
In other news, Pameco reported fiscal year 2000 first-quarter revenue figures of $159.1 million, a 9.6% increase from fiscal year 1999's first-quarter revenues of $145.2 million. Operating earnings for the first quarter, which ended May 31, were $93,000 compared to $4.6 million in first-quarter 1999. The decline was due, in part, to investments made in enhancing the company's key business processes and charges related to the vesting of certain unrestricted stock granted to its CEO.