Publishers Group West parent Advanced Marketing Services announced today that it has replaced its CEO and CFO.  Charles Tillinghast, who was the CEO of AMS from its founding in 1982 until 1996, has returned to helm the company, replacing Michael Nicita.  Bruce Myers, an experienced public company CFO, has replaced Edward Leonard. 

 

AMS has good reason to seek new leadership.  It's in the midst of a federal investigation, earnings restatement, problems with its lenders (it's out of its covenants), and numerous class action suits (see 'AMS Gets More Time from Banks').