TVI Corp., a small, financially struggling military contractor in Beltsville, yesterday announced a restructuring of its top management, including the resignation of its chief executive.
Brent Molovinsky will be succeeded as president, chairman and chief executive by Allen E. Bender, a retired Navy officer with a degree in finance. Mr. Bender was appointed to TVI's board on April 4.
Mr. Molovinsky, who will serve the company as a consultant, said in his resignation statement that he was leaving "to pursue other business interests not related to TVI."
Mr. Bender, 64, who retired from the Navy in 1969, has been working in recent years as a computer services consultant for the health care industry. In the Navy he was a hospital administrator.
TVI has been in bankruptcy reorganization proceedings since 1992, when it sought court protection from creditors under Chapter 11. Mr. Bender was appointed by the trustee of the court to head the TVI Equity Shareholders' Committee, which helped develop the company's reorganization plan.
Mr. Bender said yesterday that internal company documents that he has reviewed indicate that the company is not profitable. He said shareholders would get a detailed report on the company's financial status within the next 60 days.
In another change, TVI named Charles L. Sample as vice president. The company said Mr. Sample has extensive experience in management and government contracting.
TVI produces decoys, in the form of mock tanks and other pieces of military equipment, that are used on the battlefield to confuse enemy gunners. Another product is a quick-erect shelter for the Army that can be set up in less than five minutes.
In March the company won a $1.4 million contract to provide field shelters for the Air Force. Mr. Bender said the award has been protested by a losing bidder and that work on the contract had been stopped.