Cody Labs Ousts CEO
The future of Cody Labs could be in question as it's founder and former CEO Richard Asherman is no longer with the company. Asherman was let go after dueling lawsuits were filed by Asherman himself and parent company Lanette Company, Inc.. Asherman allegedly attempted to have the facility closed while the suits were resolved, however a judge rebuffed that effort.
The recent revelations draw into question a deal that would allow it to make use of a $2.5 million grant through the Wyoming Business Council to improve its workspace and hire more people.
From Wyoming Business Report The plan makes it possible to convert 18,000 square feet of existing warehouse space in the middle of the current facility into production space. The cost of the production space that the company will bear is $5.1 million. With the grant funding, Cody Labs can simultaneously accomplish the two goals of increasing warehousing and production space. The grant will allow the company to hire 45 people with an average salary of $55,000.
The new deal will tentatively allow Forward Cody to assume ownership of the property after the initial period is complete. Forward Cody will then be in a better position to release the deeds for purchase back to Cody Labs.