Smith & Wesson chief quits over crime
CNN/Money ^ | 2/27/04 | CNN/Money
NEW YORK (CNN/Money) - James Joseph Minder, chairman of handgun maker Smith & Wesson Holding Corp., resigned after a published report revealed he'd spent as much as 15 years in prison decades ago for armed robberies and a bank heist.The Republican, a daily newspaper in Springfield, Mass., reported Thursday that Minder confirmed his resignation without realizing that the company had not made an official announcement.
Smith & Wesson, the nation's second-largest gun manufacturer, told CNN/Money that it plans to release a statement later Friday but did not wish to comment on the newspaper report or confirm Minder's resignation at this time.
Minder was named chairman of Smith & Wesson (SWB: up $0.06 to $1.60, Research, Estimates) just last month amid a board shake-up.
His convictions were unknown to Smith & Wesson until the Arizona Republic newspaper chronicled Minder's criminal past earlier this month.
Minder, now in his 70s, had spent time in prison in the 1950s and 1960s for a string of armed robberies and an attempted prison escape, the Arizona Republic reported. During that time, the Detroit News said he was known for carrying a 16-gauge, sawed-off shotgun.
Well, at least we now know who's minding the minder. :)