Walsh has been with Reynolds his entire 38-year career, most recently serving as the company’s president, said Reynolds, which offers automotive dealers software and other industry services.
“I am both grateful and excited to lead Reynolds and Reynolds as acting CEO,” Walsh said in a statement. “I have had the opportunity to work hand in hand with our executive team for many years. It is the most talented and experienced team of leaders in our industry, and I cannot wait to continue our growth trajectory.”
In its own statement, the Houston-based Buzbee Law Firm said it filed a $300 million lawsuit for “breach of contract, tortious interference, and wrongful termination” in a Texas state court on behalf of Barras.
The lawsuit alleges that Reynolds attempted to avoid paying Barras by “creating internal disputes and fabricating a reason for termination involving inappropriate conduct that occurred close to four years prior,” the firm said, adding: “Without any warning, and after a secret meeting with individuals outside of the company, Barras was escorted out of the office with no explanation.”
The alleged contract breach in question was Barras’s ten-year employment contract, which provides for a compensation package based on Reynolds’ EBITDA (earnings before interest, taxes and depreciation, a key financial measure), as well as a salary and other benefits, according to Buzbee, a personal injury law firm.
“Prior to manufacturing a fake reason for the termination, Barras had always been a top performer and had served the company for almost fifty years,” the firm said.
Barras took the local company’s helm at a trying time, in November 2020. At that time, Bob Brockman, who was facing federal tax evasion charges, had stepped down as CEO. Brockman died in August 2022.
A spokesman for the company confirmed that Barras is no longer with the company. He declined to comment on the lawsuit or its allegations.
Reynolds is based on a Miami Valley Research Park campus near County Line Road in Kettering, where it has more than 1,000 employees.
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