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NG Resigns As Head of He-Ro Division

NEW YORK -- Maria Ng has resigned as vice chairman and president of the manufacturing division at The He-Ro Group Ltd.<BR><BR>The company said Ng left on her own accord and that it is currently conducting interviews for a successor. Ng had been with...

NEW YORK — Maria Ng has resigned as vice chairman and president of the manufacturing division at The He-Ro Group Ltd.

The company said Ng left on her own accord and that it is currently conducting interviews for a successor. Ng had been with He-Ro since 1982, overseeing its Far East operations, working out of He-Ro’s offices in Hong Kong and factories in China. She could not be reached for comment Wednesday.

In another development, Sam Kaplan, He-Ro’s controller, said the company is close to a new deal with its banks, expecting an agreement to be reached “any day now.”

Ng also resigned from the He-Ro board. Her position was filled by William J. Carone, senior vice president of Rosenthal & Rosenthal, a factoring company. Carone was with Chemical Bank from 1968 to 1986 and from 1991 to 1993.

The death of Herbert Rounick, the company’s founder and chairman, in September placed He-Ro in default on many of its bank agreements and other financial covenants. As reported, the company has downsized considerably, discontinuing several licensed dress and suit divisions, including Oscar de la Renta Studio, Bill Blass Group, Bob Mackie Boutique and J.G. Hook.