Previously Ousted as Chief Executive : Milo Resigns as EECO President and Director
Struggling EECO Inc. said Monday that Robert C. Milo has resigned as president and as a director of the the Santa Ana-based maker of computer keyboards and electronic switches.
He said in an interview that his sudden departure is not keyed to the company’s flagging finances.
However, Milo had been ousted from his position as EECO’s chief executive officer in April, when the company reported a net loss of $13.5 million for its fiscal 1988 fourth quarter, which ended Jan. 1.
His duties at that time were reduced to overseeing EECO’s keyboard operations in Arizona, while 74-year-old Chairman Robert B. Bonney, who termed the fourth-quarter performance “very disappointing,” took over most other operations.
Milo, 53, who joined the company in 1985, said he resigned because he is interested in pursuing other business interests.
He described his tenure at EECO as “successful,” however. He said he doubled the size of the company and transformed its marketing from a “shotgun” approach to a focused approach. The company had fiscal 1988 revenues of $60.9 million, compared to $24.8 million for fiscal 1985.
In an interview from his Laguna Hills home, Milo said he, too, was bothered by the fourth-quarter performance but said a recent reorganization of operations that he developed will bring success to the company once again.
Last year, EECO sold its corporate headquarters, and in February the company agreed to sell its airline passenger entertainment business to Boston investors for $13 million in cash and notes. In addition, the company is discussing the sale of a subsidiary that manufacturers computerized property management systems for hotels.
EECO said Monday that Vice President Edward Sidor will take over Milo’s responsibilities as general manager of the company’s international keyboard division. The company said Roberto Moreno, who had managed the company’s manufacturing plant in Sonora, Mexico, will become director of operations for the keyboard division.
