Andrew J. Vecchione, president and chief executive of Polartec LLC announced Monday that he has decided to step aside, effective upon the appointment of his successor.
Vecchione, 62, will remain with the company as a senior adviser, a board member, and an equity participant after completion of a search process now underway, he said in a press release.
Based in Lawrence, Polartec specializes in performance fabrics and fleeces. It traces its roots to Malden Mills Industries Inc. Malden Mills was ravaged by a disastrous fire in 1995, and its then-CEO Aaron Feuerstein won widespread renown for paying his idled workers.
In 2007, Malden Mills filed for bankruptcy protection as a way to set up a planned sale of the company to an investment group. The company name was later changed from Malden Mills to Polartec.
Polartec is owned by Versa Capital Management LLC, an investment group headquartered in Philadelphia.
In a statement, Versa Capital Management chief executive Greg Segall said, “Under Andy Vecchione’s leadership these last five years, Polartec has achieved historic sales, earnings and customer satisfaction levels, along with market share growth and success in new product innovation.”