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8-K - FORM 8-K - ARMSTRONG WORLD INDUSTRIES INC | c96140e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - ARMSTRONG WORLD INDUSTRIES INC | c96140exv10w1.htm |
Exhibit 99.1
Armstrong World Industries Announces Management Change
LANCASTER, PA, February 12, 2010 Armstrong World Industries, Inc. (Armstrong) (NYSE:AWI)
announced today that Michael D. Lockhart will be stepping down as the Companys chief executive and
president, and as chairman of the board and a director, effective February 28, 2010. The Board has
elected James J. OConnor, currently the Companys lead independent director, as chairman. Mr.
OConnor will head a search committee to identify and evaluate candidates for the CEO position.
The Board expects to name an interim president in the near future.
The Board of Directors said in a statement:
Armstrong has accomplished a great deal since Mike became CEO in 2000. Under his leadership, the
Company resolved its asbestos liability and emerged successfully from bankruptcy reorganization.
The Companys North American floor business regained its position as an industry leader through
enhanced product quality and design, and increased investment in the brand. Thanks to Mikes
prudent management during the sharp economic downturn of the last two years, Armstrong has remained
profitable and has grown free cash flow. The Company will reap the benefits of his stewardship.
We thank Mike for his important contributions and wish him all the best for the future.
Mr. Lockhart added, I have been proud to serve as Armstrongs CEO for nearly 10 years. I want to
thank the thousands of people who have worked together to successfully implement the changes
necessary to make this a better company. Armstrong is about to enter a period that has the
potential to be the best in its long history. The prospects for the Company are genuinely exciting
and I wish my colleagues continued success.
Mr. OConnor, incoming chairman of the board, said The Board and Mike agreed that this was the
right time to look for new leadership to take the Company into its next phase of growth.
Operationally, the Company is performing well with a strong team of senior leaders, well-known,
trusted brands, a solid balance sheet, and dedicated employees. While we continue to expect 2010
to be challenging, we have complete confidence in the Companys senior management team and their
ability to continue to deliver great products and quality service to our customers and distributors
around the world.
Mr. OConnor has served as a director of the Company since February 2007 and as the lead director
since February 2009. He also serves as the lead independent director of the boards of directors of
Corning, Inc., Smurfit Stone Container Corporation, UAL Corporation and United Airlines. He
retired as chairman and chief executive officer of Unicom Corporation and its subsidiary,
Commonwealth Edison Company, in 1998.
Mr. OConnor is a past chairman of the board of the Edison Electric Institute and of the Institute
of Nuclear Power Operations, and he previously served as a director of Bell and Howell,
Borg-Warner, Esmark, Everen Securities, First Chicago Corporation, Tribune Company and Trizec
Properties, Inc. He is also active in philanthropic and social justice activities throughout the
Chicago area. Mr. OConnor is a graduate of Holy Cross College, and he has an MBA from Harvard
University and a J.D. from Georgetown Law School.
# # #
Contacts
Beth Riley, bariley@armstrong.com
Investors: (717) 396-6354
News media: (866) 321-6677
Beth Riley, bariley@armstrong.com
Investors: (717) 396-6354
News media: (866) 321-6677
Forward Looking Statement
These materials contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. Such statements provide expectations or forecasts of future events. Our
outcomes could differ materially due to known and unknown risks and uncertainties, including: lower
construction activity reducing our market opportunities; availability and costs for raw materials
and energy; risks related to our international trade and business; business combinations among
competitors, suppliers and customers; risks related to capital investments and restructurings;
reduced business with key customers; and other factors disclosed in our recent reports on Forms
10-K, 10-Q and 8-K filed with the SEC. We undertake no obligation to update any forward-looking
statement.
About Armstrong
Armstrong World Industries, Inc. is a global leader in the design and manufacture of floors,
ceilings and cabinets. In 2008, Armstrongs consolidated net sales totaled approximately $3.4
billion. Based in Lancaster, Pa., Armstrong operates 36 plants in nine countries and has
approximately 10,800 employees worldwide. For more information, visit www.armstrong.com.