Armstrong World Industries Inc. (AWI) named Matthew J. Espe as
the 150-year-old floor maker's chief executive and president,
bringing a resume that includes a stint running General Electric
Co.'s (GE) lighting business.
He spent 22 years at the conglomerate before joining IKON Office
Solutions to become its president and chief executive. The company
was acquired in 2008 by Ricoh Co. (7752.TO, RICOY) and has been
overseeing the Americas operations of the Japanese maker of goods
from office copiers to digital cameras.
At Armstrong, the 51-year-old succeeds Michael D. Lockhart, who
stepped down in February in the wake of the company exiting
bankruptcy protection. He ran Armstrong for a decade.
Chairman James J. O'Connor said, "Matt brings a proven track
record of placing a strong focus on customer service and profitable
growth and is ideally suited to lead Armstrong into its next phase
of growth." Armstrong's board plans to nominate Espe as a board
member once he begins working for the company next month.
Espe, meanwhile, sits on the boards of Unisys Corp. (UIS),
Graphic Packaging Holding Co. (GPK) and United Way of Southeastern
Pennsylvania.
In May, the company said its first-quarter loss widened as its
bottom line was stung by charges. Adjusted earnings topped
analysts' forecasts as the company saw results improve across most
of its segments.
Shares closed at $31.34 Thursday and didn't trade premarket. The
stock has fallen 20% this year.
-By Jodi Xu, Dow Jones Newswires; 212-416-3037;
jodi.xu@dowjones.com;