Owens Corning Appoints Duncan Palmer Chief Financial Officer
August 21 2007 - 7:30AM
PR Newswire (US)
Mr. Palmer Succeeds CEO-Elect Mike Thaman TOLEDO, Ohio, Aug. 21
/PRNewswire-FirstCall/ -- Owens Corning (NYSE:OC), a world leader
in building materials systems and glass fiber composites, today
announced the appointment of Duncan Palmer to the position of chief
financial officer, effective mid-September 2007. Mr. Palmer
succeeds CFO Mike Thaman, who is also chairman of the board and
will become Owens Corning's chief executive officer upon current
CEO Dave Brown's retirement later this year. Mr. Thaman will retain
the title and responsibilities of chairman of the board. In April
of this year, Mr. Brown announced his plans to retire by the end of
2007. Prior to joining Owens Corning, Mr. Palmer, 41, has spent 20
years with Royal Dutch Shell, most recently as vice-president,
upstream commercial finance for Shell International Exploration and
Production BV. In this role Mr. Palmer was responsible for finance
support for major oil and gas business development and portfolio
activity in Shell's Exploration and Production and Gas and Power
businesses. Prior to this role, Mr. Palmer was vice-president
finance for the Shell Lubricants business globally. Shell
Lubricants is the world's largest motor oil and lubricants business
with a global market share of 12 percent and sales volume of 4.5
million tonnes from operations in 120 countries. In that capacity,
Mr. Palmer led the lubricants finance function including
responsibility for global financial management and reporting,
lubricants supply chain and manufacturing finance, investment
appraisal and cost management. He has led the financial integration
of acquired businesses, which have exceeded expectations for the
realization of synergies. Mr. Palmer successfully integrated global
financial systems, governance and strategic initiatives into a
common global platform within the lubricants business. "Duncan is
an extraordinary financial executive who will add to Owens
Corning's performance and success," said Mr. Thaman. "His
international business expertise and proven financial leadership
will further strengthen our company around the world. Duncan's
successful career at Shell demonstrates his ability to help grow
businesses through acquisition and globalization, and he has
extensive experience in global financial management, reporting and
governance." "I'm pleased that Duncan is joining Owens Corning,"
said Mr. Brown. "Duncan is an ideal addition to our leadership team
and his arrival is an important step in Mike Thaman's full
transition to CEO upon my retirement." Mr. Palmer earned degrees
from St. John's College in Cambridge, UK (Bachelor of Arts, 1987)
and the Stanford Graduate School of Business (Master of Business
Administration, 1994). He is also a UK Chartered Management
Accountant. About Owens Corning Owens Corning is a world leader in
building materials systems and composite solutions. A Fortune 500
company for more than 50 years, Owens Corning's people redefine
what is possible each day to deliver high-quality products and
services ranging from insulation, roofing, siding and stone, to
glass composite materials used in transportation, electronics,
telecommunications and other high-performance applications. Founded
in 1938, Owens Corning is a market-leading innovator of glass-fiber
technology with sales of $6.5 billion in 2006 and 19,000 employees
in 26 countries. Additional information is available at
http://www.owenscorning.com/ . DATASOURCE: Owens Corning CONTACT:
Media, Jason Saragian, +1-419-248-8987; Investors, Scott Deitz,
+1-419-248-8935, both of Owens Corning Web site:
http://www.owenscorning.com/ Company News On-Call:
http://www.prnewswire.com/comp/677350.html
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