Glass containers giant Owens-Illinois, Inc. announced 4 February 2005 that executive vice president and chief financial officer Thomas L. Young will retire 31 March 2005 after 29 years of service.
Mr…
Glass containers giant Owens-Illinois, Inc. announced 4 February 2005 that executive vice president and chief financial officer Thomas L. Young will retire 31 March 2005 after 29 years of service. Mr. Young began his career at Owens-Illinois in 1976. In 1988, he was named general counsel and was elected a vice president of the Company. In 1993, Mr. Young was named executive vice president, administration and general counsel. He was elected to the board of directors in 1998 and was appointed chief financial officer in March 2003. He also served as interim co-chief executive officer from January 2004 until the current CEO, Steve McCracken, was named in April 2004. “Tom has helped lead this company during an important transition; in leadership, in our portfolio, and in our approach,” said Steve McCracken, Owens-Illinois Chairman and CEO. “He has been core to a successful asbestos strategy for the firm, including leading positive efforts to maximize insurance recoveries. He has been a primary strategic architect and team leader in guiding various disciplines within the company through billions of dollars in financing of complex acquisitions and divestitures.” Mr. Young currently serves as a member of the board of directors of Manor Care, Inc., is Chairman of the audit committee and its designated financial expert, and a member of the compensation committee. He is also a director of the National Association of Manufacturers, the General Chemical (Soda Ash) Partners, and the United Way of Greater Toledo. In addition, he is a member of the National Association of Corporate Directors. Mr. Young will also remain a member of the Owens-Illinois board of directors. Mr. Young“s successor will be announced at a later date.