Nogales Resigns; Vazquez-Rana Assumes UPI Chairmanship
WASHINGTON (AP) _ Luis G. Nogales, who guided United Press International during U.S. Bankruptcy Court proceedings that ended in June, announced his resignation Tuesday as chairman of the news service.
He will be replaced as chairman and chief executive officer by Mexican newspaper publisher Mario Vazquez-Rana, the majority partner in New UPI Inc., the company that bought UPI.
″My task is completed,″ said Nogales, who also served as chief executive officer. ″UPI has been sold and recapitalized. It is appropriate for me now to leave and let the new owners form their own management team.″
UPI emerged from Chapter 11 proceedings in bankruptcy court on June 10 when Judge George Francis Bason Jr. approved the sale to New UPI Inc., a partnership controlled by Vazquez-Rana. Houston developer Joe Russo is the minority partner.
″We thank Luis Nogales for all the work he had done for UPI and accept his resignation with regret,″ Vazquez-Rana, 54, said in a statement.
Nogales, 42, joined UPI in August 1983 as executive vice president for administration. He was named president and chief operating officer in September 1984 and became the chairman and chief executive officer six months later.
David Wickenden, a UPI spokesman, said Nogales has not revealed what he plans to do.
UPI filed for reorganization under the bankruptcy code in April 1985. Vazquez-Rana and Russo said they paid $41 million for the company.