Remington CEO Resigns

(Reuters) – Remington Arms Co, the gunmaker owned by Cerberus Capital Management LP, said on Friday its Chief Executive Theodore Torbeck has resigned.

The news comes as Remington Arms, and its parent company Freedom Group Inc, prepare for an initial public offering. The group filed for a $200 million IPO in October 2009 [ID:nBNG401740].

Torbeck joined the company in early 2008 and became chief executive in March 2009. His resignation is effective September 24, the company said.