Fresh Out of Bankruptcy, Gibson Guitar Hires a New CFO

As Gibson Guitar prepares to exit chapter, the corporate is hiring a brand new CFO.

According to a report from the Nashville Post, Kimberly Mattoon will exchange Benson Woo within the CFO function.

Before being chosen as Gibson’s new CFO, Mattoon spent eight years as an govt with Richemont, a luxurious items holding firm that’s primarily based in Switzerland.  Mattoon served because the COO of Richemont North America.

Also within the announcement, present CEO Henry Juszkiewicz will step down and function a marketing consultant for the corporate because it exits chapter proceedings.  The successor to Juszkiewicz was not named on this new report.

Earlier, collectors demanded that Juszkiewicz relinquish most of his possession of the corporate, and relinquish the reins.    Gibson introduced the chapter in March 2018, stating the corporate would refocus its authentic core enterprise on manufacturing guitars and devices.

At the time of its chapter announcement, Gibson employed greater than 900 individuals with 80 impartial contractors. Now, the corporate employs about 600 individuals within the Nashville space.

Juszkiewicz has been stripped of energy, however not cash.  A one-year consulting function will web him $2.1 million in charges and a pair of.25% shares of the restructured firm.  It’s value noting that Juszkiewicz additionally obtained $1.5 million in proceeds from the sale of Gibson’s stake in Japanese audio firm TEAC.

Juszkiewicz has been rubbing guitar followers the mistaken manner for many years, increasing Gibson’s presence past devices into electronics and different unsuccessful ventures.

At one level, Juszkiewicz selected to have Gibson cease specializing in guitar manufacturing altogether.

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Mastodon guitarist Bill Kelliher says he stopped working with the corporate in 2017 over shoddy high quality.

“They saved f***ing up my guitars that I used to be asking for. I didn’t ask for lots – I simply had a couple of sure issues that I would really like with my guitar – I advised them I didn’t need it chambered they usually made my second guitar chambered.”

Fresh Out of Bankruptcy, Gibson Guitar Hires a New CFO

That testimony is only one of a number of mishaps and complaints.  At the disclosing of the 2017 Les Paul, aficionados had been shocked to see a visual ding on the guitar (see above).  You can see why many avid guitarists have jumped ship — nicely earlier than the chapter filings.