The former chief executive officer of Maytag Corp. and two others were appointed to the board of directors of Toledo's Owens Corning as a longtime director bowed out, the firm reported in a securities filing.
The moves apparently are linked to OC's expected emergence from Chapter 11 protection next month. Under the terms of the firm's bankruptcy-exit plan, the board will be increased to 16 members from 10.
The new board will include the nine remaining directors and three others they selected: Ralph F. Hake, former CEO of Maytag, now owned by Whirlpool Corp.; Joseph F. Neely, CEO of sock-maker Gold Toe Brands Inc., and F. Philip Handy, CEO of Strategic Industries Inc., a service and manufacturing concern. Leaving the board is W. Walker Lewis, a Greenwich, Conn., investment executive.
Four other members two appointed by the fi rm s bond creditors and two appointed by asbestos-injury claimants will join the board later.