Toledo's well-known table glass and tableware maker, Libbey Inc. has abruptly replaced its chief executive with William A. Foley.
The company announced Tuesday after the stock markets closed that its board of directors named Mr. Foley as the company's new CEO and board chairman. He replaced Stephanie Streeter, effective immediately.
Ms. Streeter, who has been the company's CEO since August, 2011, resigned "to pursue other opportunities," the company said in a statement.
John C. Orr, a director of Libbey since 2008 and former chief executive officer of Myers Industries Inc., has been named lead director.
Mr. Foley has Foley has served as Libbey's independent board chairman since August 2011 and has been a director of the company since 1994.
He has more than 30 years of experience in the glass tableware and consumer products markets, the company said. His experience includes being vice president and general manager for the Consumer Division of the Scotts Co.. vice president and general manager of Rubbermaid Inc.'s Specialty Products Division; and 14 years in various positions at Anchor Hocking Corp.
"We have a highly talented management team in place at Libbey, and I am looking forward to working with the team as we continue to lead the company through its Own The Moment strategy," Mr. Foley said in a statement.
Mr. Orr said, in part, in a statement: "The board also wants to thank Stephanie Streeter for her service to the Company and we wish her well in her future endeavors."
In its announcement, Libbey said its preliminary net sales results for the year ended Dec. 31 are expected to be greater than $817 million, which is down from $852.5 million the year before. The company will announce fourth-quarter and full-year 2015 financial results on Feb. 24.
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