Owens Corning Announces CEO Retirement and Succession Plan

TOLEDO, Ohio–([1])–Owens Corning (NYSE: OC) announced today that its Board of Directors
elected Brian D. Chambers, 52, current President and Chief Operating
Officer (COO), to succeed Mike Thaman as Chief Executive Officer (CEO),
effective April 18, 2019. Mr. Thaman, who has served as Chairman since
2002 and as CEO since 2007, announced his retirement as CEO and will
remain with the company in the role of Executive Chairman.

On behalf of our Board of Directors, we are pleased to elect Brian as
our next CEO, the 8th CEO in our company’s 80-year
history,” said Mike Thaman, Chief Executive Officer. “Brian is a proven
and respected leader who has delivered strong operating results through
a relentless commitment to our customers and to our people. I am
confident that Brian will lead our 19,000 employees to achieve great
success in the years to come.

Having served 11 years as CEO and nearly two decades in executive
leadership, I feel this is the right time for a leadership change. It
has been my honor and privilege to serve this great company. I am proud
of the people of Owens Corning and the businesses we are building.”

Mr. Chambers, who was promoted to President and COO in August 2018, will
retain the title of President as he assumes the CEO role. Previously, he
served as President of the Roofing business since 2014. Overall, he has
15 years of management experience with Owens Corning in a variety of
positions, including roles with the company’s Composites and Building
Materials businesses. He also spent over three years as the President of
Saint-Gobain’s Distribution business in North America following Owens
Corning’s divestiture of the business in which he served as President.
Over the course of his career, Mr. Chambers has held a number of senior
operating roles across a range of businesses and geographies.

This announcement is the successful culmination of a multiyear
succession plan to select the best leader for the company. Brian has
worked closely with the Board over the past several years, and we look
forward to what he will bring to the company as CEO,” stated John
Williams, Lead Independent Director of Owens Corning’s Board of
Directors. “On behalf of the Board, I want to thank Mike for his tenure
as CEO. Under his leadership, the company has significantly grown
revenues and profitability, and created a sustainable enterprise that is
well-positioned for the future. I would also like to thank Mike for
continuing as the company’s Chairman and facilitating the change in
leadership during the transition period.”

Mr. Chambers stated, “I am honored to be named the next CEO of Owens
Corning, and want to thank both Mike and the Board for the confidence
they have placed in me to lead this strong organization. I welcome
working with Mike as Executive Chairman and benefiting from his
experience as we continue to grow the company.”

About Owens Corning

Owens Corning (NYSE: OC) develops, manufactures, and markets insulation,
roofing, and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2017 sales of $6.4
billion and employs 19,000 people in 37 countries. It has been a Fortune
500® company for 64 consecutive years. For more information,
please visit www.owenscorning.com[2].

Forward-Looking Statements

This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to risks, uncertainties and other factors and actual results
may differ materially from those results projected in the statements.
These risks, uncertainties and other factors include, without
limitation: relationships with key customers; levels of residential and
commercial construction activity; competitive and pricing factors;
levels of global industrial production; demand for our products;
industry and economic conditions that affect the market and operating
conditions of our customers, suppliers or lenders; domestic and
international economic and political conditions, including new
legislation, policies or other governmental actions in the U.S. or
elsewhere; changes to tariff, trade or investment policies or laws; the
impact of recent tax reform legislation and related actions,
interpretations and regulatory guidance; foreign exchange and commodity
price fluctuations, our level of indebtedness; weather conditions;
availability and cost of credit; availability and cost of energy,
transportation, raw materials or other inputs; issues involving
implementation and protection of information technology systems; labor
disputes; legal and regulatory proceedings, including litigation and
environmental actions; our ability to utilize net operating loss
carry-forwards; research and development activities and intellectual
property protection; interest rate movements; uninsured losses; issues
related to acquisitions, divestitures and joint ventures; achievement of
expected synergies, cost reductions and/or productivity improvements;
defined benefit plan funding obligations; price volatility in certain
wind energy markets in the U.S.; and factors detailed from time to time
in the company’s Securities and Exchange Commission filings. The
information in this news release speaks as of January 3, 2019, and is
subject to change. The company does not undertake any duty to update or
revise forward-looking statements except as required by federal
securities laws. Any distribution of this news release after that date
is not intended and should not be construed as updating or confirming
such information.

Owens Corning Investor Relations News

References

  1. ^ (www.businesswire.com)
  2. ^ www.owenscorning.com (cts.businesswire.com)

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