TOLEDO, Ohio (Hanley-Wood News Service) - The Board of Directors of Owens Corning (NYSE: OWC) today announced a management succession plan aimed at continuing the corporate focus on operational excellence, while simultaneously emerging from the Chapter 11 status in the shortest possible time. The plan includes the following key elements: * David T. Brown is named chief executive officer, president and board
* Michael H. Thaman is named chairman of the board.
* Maura Abeln Smith, who is chief restructuring officer, general counsel
and secretary, is also elected to the Board of Directors.
All board appointments are effective January 1, 2002, and all management changes, including Mr. Thaman's election as chairman of the board, are effective April 18, 2002.
Mr. Brown will be responsible for all the day-to-day operations and the overall performance of the company. Mr. Thaman will continue his duties as chief financial officer, with an added focus on the financial reorganization strategy, as well as all matters associated with corporate governance. Ms. Smith will continue to lead the Chapter 11 reorganization as well as carry on her duties as general counsel and secretary.
With Mr. Brown, Mr. Thaman and Ms. Smith sitting on the Board of Directors, the integration of all major corporate elements, to include operations and the emergence from Chapter 11, will be significantly strengthened by their experience and leadership skills.
The succession plan was developed in response to the planned retirement of current Chairman and CEO, Glen H. Hiner, whose departure will be effective April 18, 2002.
Mr. Brown, who is currently executive vice president and chief operating officer, joined Owens Corning in 1978, after serving in a variety of sales and marketing positions with Procter & Gamble, Shearson Hammill and Eli Lilly.
Named COO in January 2001, Mr. Brown had been vice president and president of the Insulating Systems Business, since 1997. This is the company's largest sales and profit center, which produces fiber glass insulating products, with 35 manufacturing plants in North America and China.
Mr. Brown has held a variety of leadership positions in sales and marketing at Owens Corning. In January of 1995, he was named vice president and president of Building Materials Sales and Distribution with responsibilities for the company's North American sales organization and distribution channels. As vice president and president of the Roofing and Asphalt Business in the early 1990s, he is credited with returning the business to profitability after many years of lower-than-average returns.
Mr. Brown is a 1970 graduate of Purdue University with a bachelor of science degree in Economics.
Mr. Thaman was named senior vice president and chief financial officer in April of 2000. Prior to this assignment, he had been vice president and president of Owens Corning's Exterior Systems Business.
Mr. Thaman joined Owens Corning in August 1992 as a director for Corporate Development. In 1994, he was named plant manager of the company's Toronto, Canada insulation facility. In 1996, he was named general manager of the OEM Solutions Group, based in Louisville, Kentucky. In 1997, he was named vice president and president of the company's Engineered Pipe Systems Business.
Prior to joining Owens Corning, Mr. Thaman was a strategy consultant at Mercer Management Consulting. He holds a bachelor of science degree in Electrical Engineering and Computer Science from Princeton University.
Ms. Smith joined Owens Corning from General Electric in 1998. At General Electric, she was vice president and general counsel for GE Plastics. Prior to her career at GE, she was a partner in the international law firm of Baker & McKenzie.
Ms. Smith and her team have been instrumental in addressing the financial reorganization activities of the company. She also was instrumental in the creation and implementation of the company's National Settlement Program. This program has been recognized as an innovative attempt to address the many issues associated with asbestos litigation.
Ms. Smith holds a bachelor of arts degree in Economics from Vassar College and a Master of Philosophy degree in Economics from Oxford University, England, where she was a Rhodes Scholar. She also holds a Juris Doctor from the University of Miami, Florida.
Owens Corning is a manufacturer of building materials and composite systems. The company has sales of $5 billion and employs approximately 20,000 people worldwide. For more information, please visit the Owens Corning web site at www.owenscorning.com .