WICHITA — Eric Fahnestock has resigned as president of Fahnestock Heating & Air Conditioning, which does business as Fahnestock Plumbing, HVAC & Electric.
Fahnestock has been in that position since 2006 and also has a minority interest in the company.
He’s not talking about the reason for his resignation, but it appears to be related to his efforts to purchase majority shares of the company from the estate of his late father, George Fahnestock.
“It’s more complicated than that,” says Gary Austerman, the attorney for the estate’s executor, Fahnestock’s widow, DeAnne Fahnestock.
She was Eric Fahnestock’s stepmother.
Austerman won’t go into details about negotiations over the purchase.
“I really can’t speak to that,” he says. “It’s private business.”
He says, “We’re just trying to have a very simple transition.”
For now, Eric Fahnestock continues to work at the company on an as-needed basis.
“I want the company to succeed, and I care about all the employees, and if they need me for something, I’m more than happy to help them,” he says.
“Business is sometimes a tough game, but you have to take the high road.”
It’s not certain how long the arrangement will continue.
“We’re still discussing that,” Austerman says.
He says he understands that Eric Fahnestock “has decided to pursue other options.”
“We wish him the very best, and as of the beginning of 2012, DeAnne Fahnestock will be in charge of the company.”
Austerman says DeAnne Fahnestock will take “more of a chairman approach, I guess you would say.”
“She’s not going to sit there day in and day out and operate the company.”
He says, “There will be some new employees coming in shortly . . . who will take up the day-to-day operations.”
Austerman says the new hires are still being finalized.
“We have a very good management group out there, and they’re perfectly capable of continuing any transition that will occur.”