USG Corporation (NYSE:USG), maker of building products including the iconic Sheetrock® brand, on Friday announced that James S. Metcalf will retire as chairman, president and CEO, effective Oct. 31, 2016. Metcalf has served as president and CEO since January 2011 and as chairman since December 2011.

USG's new CEO, Jennifer F. Scanlon.
USG's new CEO, Jennifer F. Scanlon.

Jennifer F. Scanlon, executive vice president, president, International and president, L&W Supply Corporation, will succeed Metcalf as president and CEO and has been appointed a director of the company, effective immediately. Scanlon will serve as executive vice president and CEO-elect until Nov. 1, 2016. As part of the leadership transition, Steven F. Leer, lead director, will become non-executive chairman of the board, effective Nov. 1, 2016.

Said Metcalf, “Together we have executed Our Plan to Win, strengthening and growing our core businesses, diversifying our earnings and differentiating our products and services through innovation. With the announced sale of L&W Supply, a strong balance sheet and a deep, experienced team in place, the company is well prepared for this leadership transition. I have full confidence that Jenny and our management team will continue to provide dynamic leadership to create even greater success for our customers, shareholders and employees.”

“Jenny’s background, skills, and expertise give the board full confidence that she is the right person to serve as the next leader of USG,” said Mr. Leer. “Having served in a variety of positions at USG for almost 14 years, Jenny knows the business intimately and brings great insight to this role.”

“I am excited to take on the role of president and CEO at USG, an outstanding company with innovative products, dedicated employees, clear growth prospects and a solid financial foundation,” said Ms. Scanlon. “These strengths give me great confidence that we are prepared for the next phase of the company’s future. I look forward to working closely with USG’s executive team and employees across the company. Together, we will build on our significant momentum and deliver value for our shareholders, customers, partners and employees.”