Founder of Boyds Wheels Resigns

Financially ailing Boyds Wheels Inc. said that company founder Boyd Coddington has resigned as chairman and chief executive. The renowned hot-rod designer and builder will remain a member of the Stanton-based company’s board of directors and serve as a design and marketing consultant under a long-term agreement. Gardiner S. Dutton, a recent addition to the Boyds Wheels board and a long-time manufacturing industry executive, has been appointed interim chairman and chief executive. Most of Boyds Wheels other officers have been replaced in the last year as the company began reporting losses and its stock, once a market darling, plunged from a November 1996 high of $16.63 to Monday’s close of $2.63. Boyds President David Ascher said company officials “are building a team that can successfully refocus and streamline this company.�