Susan M. Andrews
TYNGSBORO, Mass. — Elkin McCallum, chairman, president and CEO of Joan Fabrics, has announced he


has stepped down as president and CEO. He will continue on the board of directors.

Richard Heller will assume day-to-day responsibilities as chief operating officer and Mel Hanson has been named chief financial officer. F. Duffield Meyercord is chief restructuring officer.

Meyercord, Hanson and Heller are employed by Carl Marks Advisory Group, a financial and management advisory company has that has been hired to operate Joan Fabrics, reporting to the board of directors. The three, along with another Carl Marks employee, Jette Campbell, will work with Joan Fabrics to explore strategic options.

Joan Fabrics recently shut down its velvet production in Newton, N.C., and a yarn plant that provided raw material to that plant.