UPI’s President and Financial Consultant Fired in Reshuffle
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WASHINGTON — United Press International today said that its principal owners, Douglas Ruhe and William E. Geissler, are taking steps “to relinquish control of the news agency” and that the wire service’s president and financial consultant have been fired.
UPI said the move is part of “a program to recapitalize the company and to guarantee its future.”
A replacement for President Luis G. Nogales will be named, UPI said. The firm’s financial consultant had been Ray Wechsler.
Ruhe and Geissler, in a joint statement, said the company ended a string of losses with an operating profit of $1.1 million in the fourth quarter of 1984.
They said steps to restructure ownership to attract new capital are already under way, including meetings with major vendors, UPI’s primary lender and others to outline procedures for a “second phase” of its recovery program.
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