ATCHISON, Kan. (AP) A battle for control of MGP Ingredients in Atchison apparently has ended, with an agreement to oust the CEO and drop all lawsuits.
The company announced Tuesday that CEO Tim Newkirk will leave, with two other executives serving as co-CEO until Newkirk's replacement can be found.
MGP's board of directors has been battling for most of the year with descendants of the company's founders, the Cray family. Six board members and Newkirk had proposed trying to sell at least part of the company. Two other board members, Cloud Cray Jr. and Karen Seaberg, opposed that plan.
The deal also requires both sides to drop lawsuits and limits potential sales or purchases of corporate assets and a long-delayed shareholders meeting will be held Dec. 17.