Titan International not renewing CFO Froisland’s contract

James M. Froisland will leave Titan International later this year. The company announced yesterday that the chief financial officer and chief information officer has been informed his employment agreement won’t be renewed once the initial term expires on 5 December 2018.

The agreement dated 5 December 2016 was scheduled to renew automatically unless Froisland or Titan International provided a notice of non-renewal at least six months prior to its expiration or otherwise terminated the agreement in accordance with its terms. The tyre maker says the search for Froisland’s replacement has begun and it anticipates his successor will be in place within the next several months.

“Jim has been instrumental in building a strong financial reporting environment at Titan that emphasises sound internal controls and processes,” comments Paul Reitz, president and chief executive officer of Titan International. “We appreciate the changes he’s implemented to drive improvements in our Accounting and Information Technology areas. Titan looks forward to having Jim continue in his role as we search for his successor.”