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Owens Corning recently announced that David J. Lyon has resigned from the company's board of directors effective June 17, 2009. He is a vice president of the D. E. Shaw group.
Lyon was one of two directors designated to represent bond holders of Owens Corning's predecessor company in connection with its emergence from asbestos-related chapter 11 bankruptcy in October 2006. That bond-holder group was led by the D. E. Shaw group. After two-and-a-half years, the firm's holdings have been reduced to less than 10% of Owens Corning's outstanding common stock, so Lyon determined that his resignation was appropriate.
“We appreciate David's leadership on the board of directors,” said Mike Thaman, chairman and chief executive officer. “We are grateful for the many contributions he made to our company and the unique perspective he provided. We wish him continued success.”
Given the current size of the board of directors and the rich experience and diverse backgrounds of the remaining board members, Lyon will not be replaced. The size of the Owens Corning board of directors is reduced to 14.
Additional information is available at www.owenscorning.com.