Owens Corning: three new members for board of directors

Owens Corning announced on 22 September 2006 that it has appointed three new members to its board of directors: Ralph F. Hake, F. Philip Handy and Joseph F. Neely, bringing the total number of members…

Owens Corning announced on 22 September 2006 that it has appointed three new members to its board of directors: Ralph F. Hake, F. Philip Handy and Joseph F. Neely, bringing the total number of members up to 12. Hake was chairman and chief executive officer for the Maytag Corporation from June 2001 until Whirlpool Corporation acquired the company in April 2006. During this period, he helped Maytag renew itself through cost-cutting efforts, new product introductions and increased emphasis on product innovation and brand building. Before joining Maytag, Hake was executive vice president and chief financial officer of the engineering and construction company Fluor Corporation, California. Prior to that, he served on the board of directors for the National Association of Manufacturers and was chairman of the organization“s taxation and economic policy group. He currently serves on the board of directors of ITT Industries. Handy has served as the chief executive officer of Strategic Industries, a worldwide service and manufacturing company with sales of USD 700 million since October 2001. He has senior-level experience at retail and financial services companies and has previously served as chairman and chief executive officer of two public companies, Chart House Restaurant Group and Rewards Networks. At present, Handy is a member of the board of directors for Anixter International, Inc., Rewards Networks, Inc., and WCI Communities, Inc. Neely is currently chief executive officer of Gold Toe Brands, Inc. He served as senior vice president of the Sara Lee Corporation from 1987 to 1993, where he was responsible for the Personal Products Group, which included the L“eggs, Hanes, Bali, Champion, Playtex, Isotoner and Coach brands. During his tenure, the Personal Products Group tripled in size, with a significant amount of growth coming from expansions and acquisitions in Europe and Asia. Owens Corning also announced that Walker Lewis, who had been a member of Owens Corning“s board since 1993, had resigned. He currently serves as chairman of Devon Value Advisers, a financial consulting and investment banking firm with offices in Greenwich, Connecticut, Atlanta and New York. None of the new appointees has yet been named to serve on any committee of Owens Corning“s board of directors. In conjunction with the company“s emergence from bankruptcy, the board will expand further to include four additional members who will be appointed by representatives of the company“s creditors.