Joseph K. Wilsted is on his way out at Lydall Inc., barely two years after joining the Manchester synthetic-materials maker as president of its global automotive business, the company says.
Lydall didn’t explain Wilsted’s impending departure from Lydall Thermal/Acoustical Inc., except to say in a filing with the Securities and Exchange Commission that it is effective Oct. 22. The division’s headquarters are in Rhône-Alpes, France.
Lydall CEO Dale G. Barnhart will assume Wilsted’s duties until a successor is found, the filing said.
Under his August 2008 job contract, Wilsted is entitled to a severance package, including benefits, worth $340,000 to be paid over 12 months from his termination date, the filing said.
Wilsted, 54, joined Lydall in June 2008 with more than 25 years of manufacturing and finance experience, including a background in lean manufacturing and extensive global experience setting up and managing manufacturing operations in Europe and Asia.
Prior to joining Lydall, he was senior vice president finance and administration at FormTech Industries LLC, a provider of metal components to the automotive light vehicle, heavy truck and industrial markets.
Before that, Wilsted was chief financial officer and senior vice president of operations and corporate development of The Greenbrier Companies Inc., a supplier of transportation equipment and services to the railroad industry.
Lydall officials did not immediately return a phone call Friday seeking comment.
Wilsted could not be located for comment.
Lydall’s products include synthetic materials for automotive heat and sound insulation, and air and oil filters, along with containers for storing blood and other biomedical fluids and tissues.
