Fortune Industries and Public Companies and Leadership Transition and Employee Benefits Services and Workplace Issues

Fortune Industries names new chief executive

January 18, 2010

Indianapolis-based Fortune Industries Inc. announced Monday that Tena Mayberry has been named CEO of the publicly traded professional employer organization.

Mayberry, who also will continue to serve as president, replaces John Fisbeck, who had led the company since June 2005.

“The board thanks John for his service as CEO and the important contributions he has made to Fortune’s success over the last five years,” Chairman Carter Fortune said in a prepared statement. “His commitment to work with Tena will ensure a smooth transition for the company and the employees.”

Fortune did not provide a reason for Fisbeck’s departure, and a spokesman for the company could not immediately be reached for comment.

For the past year, Mayberry has served a dual role as president of both Fortune and subsidiary Century II Inc, a Brentwood, Tenn.-based provider of human resources services.

She became president of Century II in 2007 after serving four years as chief operating officer, two years as senior vice president and four years as vice president.

Before joining Century II, Mayberry held management positions with Cincinnati-based Kroger Co. and Florida-based Norrell Temporary Services, now known as Spherion. She earned a bachelor’s degree in marketing and business management from Tennessee Technological University.

Founded in 2000, Fortune lost $19 million on $158.4 million in revenue during its 2008 fiscal year.

Company directors in April changed its fiscal year end from Aug. 31 to June 30. For the shorter 10-month period, Fortune earned a profit of $13.8 million on $72.9 million in revenue.

Fortune managed a small profit in its first quarter ended Sept. 30 and now has been profitable in each of its last four quarters, the company said in November.

Profit for its first quarter rose to $660,000, or 5 cents per share, from a loss of $4 million, or 34 cents per share, in the same period a year ago.

PEOs handle payroll, payroll taxes, Worker’s Compensation claims, health plans, and other employee benefits for employers. Fortune provides human resource consulting and management, employee assessment, training and benefits administration services to small- and medium-sized businesses in 49 states.

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