MGP Ingredients Inc. reached a settlement this week with its founding family's investment group that is sure to point the company in a new direction under new management.
The settlement ended all lawsuits between the company and the Cray Family Trust, which is led by Cloud Cray Jr. — son of company founder Cloud Cray Sr. — and his daughter, Karen Seaberg. The settlement also resulted in CEO Tim Newkirk being fired and threatens the leadership of Chairman John Speirs.
The company's annual meeting,…
MGP Ingredients Inc. reached a settlement this week with its founding family's investment group that is sure to point the company in a new direction under new management.
The settlement ended all lawsuits between the company and the Cray Family Trust, which is led by Cloud Cray Jr. — son of company founder Cloud Cray Sr. — and his daughter, Karen Seaberg. The settlement also resulted in CEO Tim Newkirk being fired and threatens the leadership of Chairman John Speirs.
The company's annual meeting,…