Building materials systems and glass fiber composites leader Owens Corning announced 21 August 2007 the appointment of Duncan Palmer to the position of chief financial officer, effective mid-September…
Building materials systems and glass fiber composites leader Owens Corning announced 21 August 2007 the appointment of Duncan Palmer to the position of chief financial officer, effective mid-September 2007. Mr. Palmer succeeds CFO Mike Thaman, who is also chairman of the board and will become Owens Corning“s chief executive officer upon current CEO Dave Brown“s retirement later in 2007. Mr. Thaman will retain the title and responsibilities of chairman of the board. In April 2007, Mr. Brown announced his plans to retire by the end of the year. Prior to joining Owens Corning, Mr. Palmer, 41, spent 20 years with Royal Dutch Shell, most recently as vice-president, upstream commercial finance for Shell International Exploration and Production BV. In this role he was responsible for finance support for major oil and gas business development and portfolio activity in Shell“s Exploration and Production and Gas and Power businesses. Prior to this role, Mr. Palmer was vice-president finance of Shell Lubricants, the world“s largest motor oil and lubricants business with operations in 120 countries. He led the financial integration of acquired businesses, which have exceeded expectations for the realization of synergies, and successfully integrated global financial systems, governance and strategic initiatives into a common global platform within the lubricants business. “Duncan is an extraordinary financial executive who will add to Owens Corning“s performance and success”, said Mr. Thaman. “His international business expertise and proven financial leadership will further strengthen our company around the world. Duncan“s successful career at Shell demonstrates his ability to help grow businesses through acquisition and globalization, and he has extensive experience in global financial management, reporting and governance”. “I“m pleased that Duncan is joining Owens Corning”, said Mr. Brown. “Duncan is an ideal addition to our leadership team and his arrival is an important step in Mike Thaman“s full transition to CEO upon my retirement”. Mr. Palmer earned degrees from St. John“s College in Cambridge, UK (Bachelor of Arts, 1987) and the Stanford Graduate School of Business (Master of Business Administration, 1994). He is also a UK Chartered Management Accountant.