Richard Manoogian, 70, chairman and CEO of Taylor Mich.-based Masco Corporation, intends to step down in July to become the company's exective chairman. He has proposed Masco CFO Timothy Wadhams, 58, to succeed him as CEO.
The company's president and COO, Alan Barry, 64, has also expressed his desire to retire in early 2008, when he reaches the Masco's normal retirement age.
The changes are subject to approval by the Masco board of directors.
Manoogian is only the second CEO in the company's history, having succeeded his father, Alex, who founded the company in 1929. Wadhams joined Masco in 1976, moved over to MascoTech, Inc. (a publicly traded affiliated company) where he ultimately became an executive vp and CFO, and moved back to Masco in 2001 as CFO.