Temple Mayor Bill Jones has been removed as President and CEO of the employee-owned Materials Transportation Company (MTC), a company with which Jones’ family has a long history and that Jones’ currently owns 39% of its stock. This move comes in the wake of ongoing legal and financial problems with Jones’ personal debt positioning MTC as the target of a receivership while assets, namely his MTC stock, are additionally sought in a divorce proceeding from his wife of 35 years, April.
Per a statement released today:
MTC’s board of directors has elected Jim Granfor as its new President and CEO. Granfor has worked for MTC for over 20 years. He started in 1988 in human resources and has worked his way up the company ladder having recently been promoted to Vice President of Administration. Granfor is succeeding William A. Jones, III, who had been with the company since 1977.
The implications of Jones’ removal and its impact on pending legal cases is unknown. Background on this situation, however, is available as follows:
As Temple’s MTC faces receivership, employee-owners need voice (March 19, 2012)
Temple mayor’s businesses, business practices at issue (March 4, 2012)
Lou Ann Anderson is an advocate working to create awareness regarding the Texas probate system and its surrounding culture. She is the Online Producer at www.EstateofDenial.com, a Policy Advisor with Americans for Prosperity – Texas and a Director of Women on the Wall. Lou Ann may be contacted at info@EstateofDenial.com.