LOUISVILLE, Ky. (WDRB) – A feud erupted Friday between Braidy Industries founder Craig Bouchard and the company's other board members over whether Bouchard is giving up his roles as chairman and CEO.
The company said in a press release Thursday that Bouchard would step down as chairman and CEO even as the company continues efforts to raise $1.7 billion for construction of an aluminum mill near Ashland, Ky.
But Bouchard, of Naples, Florida, said in a Facebook post Friday that he did not relinquish his roles.
That prompted a statement by Braidy Industries board member Charles Price, who says he is now the chairman of the board, saying the company removed Bouchard.
"The Board of Directors of Braidy Industries confirmed its action of Jan. 28, 2020, removing Craig Bouchard as CEO and Chairman," Price said in the statement. "The Board and CEO Tom Modrowski are committed to the Ashland community and focused on building the Kentucky mill.”
Bouchard, 66, said on Facebook that he was traveling internationally and would prepare a longer response over the weekend.
“I did not authorize the press release that was issued yesterday. I have not stepped down as the CEO of Braidy Industries, and I am the Chairman of the Board and CEO of Braidy Atlas,” Bouchard said on Facebook. “… My sole focus is rebuilding Ashland and NEK (northeast Kentucky). I’m sorry for the stress that was created in Ashland yesterday. You don’t need that.”
Neither Price nor Bouchard responded to requests for interviews on Friday.
The planned aluminum mill has been heralded as the start of Appalachia’s revitalization. Braidy Industries has said it plans to employ 600 workers at wages of at least $65,000 per year.
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Under previous Gov. Matt Bevin, Kentucky taxpayers invested $15 million in Braidy Industries in 2017.
The company is still short of the debt and equity needed to start construction.
The surprising feud is all the more puzzling because Braidy Industries has said in public disclosures that its investors have agreed to let Bouchard designate the six members of the board of directors.
