The board of Masco Corporation today (June 6) announced it had approved the appointment of Timothy Wadhams, 59, to the CEO post, succeeding Richard Manoogian, 70, who will become the company's exeuctive chairman. Wadhams was recommended to the board by Manoogian, who is the son of the founder of the company. Wadhams will assume the post July 1.
Mr. Wadhams is currently senior vp/CFO. He joined Masco in 1976, serving in several financial capacities prior to transferring in 1984 to MascoTech, Inc., an affiliate of Masco, where he rose to executive vp and CFO. In 2001, he returned to Masco as CFO. Mr. Wadhams, an MBA from University of Michigan, began his career in 1972 as a CPA with Coopers & Lybrand.
The Masco board also approved the appointment of Donald J. DeMarie, Jr., 44, as executive vp. DeMarie, currently Masco's group president for the Installation and Other Services Segment, joined Gale Industries in 1985 as a division manager, eventually rising to president and CEO. He joined Masco in 1995, when it acquired Gale Industries. DeMarie will continue to oversee directly Masco Contractor Services and the other divisions within the Installation and Other Services segment, and he will also assume an increasing leadership role for Masco operating divisions as Alan Barry, Masco's President and Chief Operating Officer, transitions toward his previously announced retirement in early 2008. DeMarie will report to Barry.
Succeding Wadhams as vp and CFO will be John G. Sznewajs, 39, who is currently treasurer and vp for corporate development. Sznewajs joined Masco in 1996 as a business development analyst.