O-I Chief Financial Officer Thomas Young to Retire
February 04 2005 - 5:01PM
PR Newswire (US)
O-I Chief Financial Officer Thomas Young to Retire TOLEDO, Ohio,
Feb. 4 /PRNewswire-FirstCall/ -- Owens-Illinois, Inc. (NYSE:OI),
today announced that Thomas L. Young, O-I executive vice president
and chief financial officer, will retire March 31 after 29 years of
service. Mr. Young began his career at O-I in 1976. In 1988, he was
named general counsel and was elected a vice president of the
Company. In 1993, Mr. Young was named executive vice president,
administration and general counsel. He was elected to the board of
directors in 1998 and was appointed chief financial officer in
March 2003. He also served as interim co-chief executive officer
from January 2004 until the current CEO, Steve McCracken, was named
in April 2004. "Tom has helped lead this company during an
important transition; in leadership, in our portfolio, and in our
approach," said Steve McCracken, O-I Chairman and CEO. "He has been
core to a successful asbestos strategy for the firm, including
leading positive efforts to maximize insurance recoveries. He has
been a primary strategic architect and team leader in guiding
various disciplines within the company through billions of dollars
in financing of complex acquisitions and divestitures." Mr. Young
currently serves as a member of the board of directors of Manor
Care, Inc., is Chairman of the audit committee and its designated
financial expert, and a member of the compensation committee. He is
also a director of the National Association of Manufacturers, the
General Chemical (Soda Ash) Partners, and the United Way of Greater
Toledo. In addition, he is a member of the National Association of
Corporate Directors. Mr. Young will also remain a member of the O-I
board of directors. Mr. Young's successor will be announced at a
later date. About O-I Owens-Illinois is the largest manufacturer of
glass containers in the world, with leading positions in Europe,
North America, Asia Pacific and South America. O-I is also a
leading manufacturer of health care packaging and specialty closure
systems. DATASOURCE: Owens-Illinois, Inc. CONTACT: Sara Theis of
Owens-Illinois, +1-419-247-1297 Web site: http://www.o-i.com/
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