Tecumseh Products Company stock rises as chairman resigns

The chairman of Ann Arbor-based Tecumseh Products Co. (NASDAQ: TECUA) resigned his position and his seat on the company’s board of directors, according to a report from Crain’s Detroit Business.

Kent Herrick, the great-grandson of company founder Ray Herrick, had served as chairman since August 2009.

Herrick cited the “pace of strategic decision-making” at the company as his motive for stepping down, though according to the Crain’s report it’s unclear what means. Herrick’s father, Todd Herrick, was voted out as CEO and chairman of the company in February 2007.

Tecumseh Products manufactures compressors for various types of cooling units including specialty air cooling systems. The company employs approximately 7,300 people worldwide.

The company moved its headquarters from Tecumseh to Pittsfield Township in 2008 and opened a new 35,000-square-foot technology center in May 2012. The company’s stock was up more than 10 percent as of 9:45 Tuesday morning on the news of a change in leadership.

The company also announced the release of its next generation outdoor condensing unit on Tuesday. According to a news release, applications for the unit include walk-in coolers freezers for commercial markets.

• Read the full story from Crain's Detroit Business

Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2