The chief executive officer of the Vermont Teddy Bear company in Shelburne is out of a job. Elizabeth Robert was dismissed on Wednesday, but the company isn’t saying why Robert was ousted.
But Robert says it’s what happens when companies run by private-equity firms run into financial difficulty.
The company named William York as interim president. York has marketing experience at Dell Computer and L.L. Bean.
Robert says Vermont Teddy Bear’s earnings for the most recent fiscal year were "materially" lower than in 2007. But she says the company is on "solid financial footing."
In February, the company laid-off 15 full time employees and eliminated seven vacant management positions.