By Patrick Raleigh, UT On-line news editorLinwood, Pennsylvania- Foamex International Inc. ‘s controversial supremo Marshall Cogan has quit the firm “by mutual agreement with the board.” Cogan has been replaced by Ray Mabus as non-executive chairman, said an 11 Feb company statement.”Foamex has accepted Mr. Cogan’s resignation and recognises his contribution,” Mabus said in the company announcement. “The board is reaffirming its commitment to strong corporate governance, ensuring the consistency of its performance, and maintaining investor confidence,” he added. Foamex said it expects a one-time charge of about $1.4 million in the first quarter of 2004 in relation to Cogan’s departure. This charge, it said, “will be substantially offset by amounts previously accrued related to the retirement provisions of Mr. Cogan’s employment agreement.” Cogan was recently the subject of a lawsuit by the Bankruptcy Trustee of Trace International Holdings Inc. The case was settled out of court last September with Cogan agreeing to pay an unspecified sum to Trace-formerly the largest shareholder in Foamex.”
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