Ceramic Industry

Owens Corning Announces Management Succession Plan

January 3, 2002
The board of directors of Owens Corning recently announced a management succession plan aimed at continuing the corporate focus on operational excellence, while simultaneously emerging from Chapter 11 status in the shortest possible time. The plan includes the following key elements: David T. Brown is named chief executive officer, president and board member; Michael H. Thaman is named chairman of the board; and Maura Abeln Smith, who is chief restructuring officer, general counsel and secretary, is also elected to the board of directors. All board appointments are effective January 1, 2002, and all management changes, including Thaman's election as chairman of the board, are effective April 18, 2002.

Brown will be responsible for all the day-to-day operations and the overall performance of the company. Thaman will continue his duties as chief financial officer, with an added focus on the financial reorganization strategy, as well as all matters associated with corporate governance. Smith will continue to lead the Chapter 11 reorganization as well as carry on her duties as general counsel and secretary.

The succession plan was developed in response to the planned retirement of current chairman and CEO, Glen H. Hiner, whose departure will be effective April 18, 2002.

For more information, visit http://www.owenscorning.com.