Crain’s Chicago Business is reporting that Richard T. Klein Jr has been ousted as chairman of Klein Tools. Reportedly Klein was told last August by board members that include his brother and cousin that he needed to resign his post from the family-owned company. Klein says he was told his management style was creating a stressful workplace.
The article states that the company “is known in racing circles for sponsoring a successful IndyCar team”, but that’s only part of the story. Klein Tools has not only served as the sponsor for the fourth Andretti-Green car for a number of years, but also as sponsor for Indy Pro series runner-up Jonathan Klein – son of Richard T. Klein.
It would appear this corporate upheaval is what is delaying the announcement of the fourth AGR IndyCar entry, which is believed to again feature Dario Franchitti. This boardroom chaos could also throw into question sponsorship arrangements for Jonathan Klein, who is planning to return to IndyPro in 2007 in search of his first victory.
The elder Klein has reportedly filed a lawsuit against Klein Tools for conspiracy, breach of contract and fraudulent misrepresentation. He is seeking $25 million in damages, so there might be a few less presents among members of the Klein family this holiday season.
With out Daddy's Money.....Little Johny Klein will have to go race in the real world!
ReplyDeleteI agree anonymous. Little Johnny only made it to IndyPro because his Daddy paid big bucks to get him a car.
ReplyDeleteIt would appear Bobby Wilson and Jaime Camara have found this site.
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