Ironclad Performance Wear Corp., an El Segundo maker of task specific gloves, announced that Scott Jarus, its chairman and chief executive, resigned effective at the close of business Friday.
Jarus will remain a member of the company’s board of directors, a position he has held since May 2006. He became Ironclad’s chief executive in 2009, with the task turning around the company, which despite consistent sales growth had been losing money since it went public in 2006. He told the board prior to the company’s Aug. 7 earnings call with analysts that he intended to step down, having completed a turnaround of the business.
“The company is on solid financial and operational ground, so it is now time to turn the company over to someone with relevant experience within Ironclad’s market segments,” Jarus said in a statement issued Friday.
As chief executive, Jarus was credited with instilling basic financial discipline on the business, focusing on developing its core product lines, cutting positions, outsourcing logistics and increasing the number overseas manufacturers with which it contracted to force pricing competition among its suppliers.
Ironclad said in a statement that expected to have a new chief executive in place by the beginning of next year. In the interim, Jarus’ responsibilities will be handled by other members of the management team.
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