Owens Corning Names New Vice President and COO
TOLEDO, Ohio, April 20 - Domenico Cecere, today, was named executive vice president and chief operating officer for Owens Corning, according to Glen H. Hiner, chairman and chief executive officer. The announcement was made at the company's annual meeting in Toledo, Ohio.
"In this new position," stated Hiner, "all of the operating businesses, including Composites Systems, Exterior Systems, Insulating Systems, System Thinking(TM) and Sales Distribution, Roofing Systems, and International Operations will report to Dom. This position allows Dom to generate a greater impact on our enterprise globally and to facilitate our growth agenda. He will not be replaced as senior vice president and president, Building Materials North America, and will continue to report to me."
Continuing to report directly to the chairman and chief executive officer will be the Finance Organization, Law, Strategic Resources Group and the company's wholly-owned subsidiary, INTEGREX.
"Dom brings an extraordinary vision, a solid resume and list of impressive achievements to this position," continued Hiner. "He has global financial and operating experience at the highest levels. His demonstrated ability to drive continuous, profitable growth is well documented since he joined Owens Corning in 1993.
"During his tenure as chief financial officer, Dom was instrumental in leveraging $110 million in cost reductions and savings from our restructuring, which also lowered our run rate costs," said Hiner.
"Dom also led the successful refinancing of our balance sheet and lowered our debt, including the company's hybrid securities by $421 million, while improving our capital structure," commented Hiner.
"One of his most noteworthy contributions was his leadership in the resurgence and increased profitability of our Roofing Systems Business during his tenure there," said Hiner.
"Additionally," stated Hiner, "Dom has been the architect and driving force behind our System Thinking and eBusiness initiatives. These initiatives are at the very core of our growth agenda."
Cecere joined Owens Corning in 1993 as vice president and corporate controller. In 1996 he was responsible for leading our Roofing Systems Business and was named chief financial officer in 1998. In January of 1999, he was named senior vice president and president Building Materials Systems Business.
Prior to joining Owens Corning, he had a 21-year career in finance and accounting with Honeywell, Inc. During this time he held several high-ranking financial positions, including vice president of finance for Honeywell's European Business, headquartered in Brussels, Belgium.
He is currently a board member of INTEGREX, ImproveNet Inc., Field Marketing Inc. and the Toledo Area Junior Achievement. He holds a B.S. in Finance and Accounting from the University of Oklahoma.
Owens Corning is a world leader in building materials systems and composites systems. The company has sales of $5 billion and employs approximately 20,000 people worldwide. For more information, please visit Owens Corning's Web site at www.owenscorning.com .
SOURCE Owens Corning
CONTACT: Gregg P. Bronk, Corporate Communications, 419-248-8004, or Jules L. Vinnedge, Investor Relations, 419-248-7377, both of Owens Corning