Masco's Manoogian leaving CEO spot
By Furniture Today Staff -- Furniture Today, April 15, 2007
Taylor, Mich. — Richard Manoogian, longtime chairman and CEO of Masco Corp., plans to step down as CEO in July and become executive chairman.
Manoogian has recommended that the company's board name Timothy Waldhams, Masco's senior vice president and chief financial officer — and a 30-year Masco employee — as the next CEO.
Manoogian, 70, is only the second chairman and CEO in the company's 78-year history, having succeeded his father, Alex Manoogian, who founded the company in 1929.
In addition, Masco President Alan Barry told the board he will retire in early 2008 upon reaching retirement age of 65. A successor has not been named.
Richard Manoogian said he will remain involved in setting Masco's corporate strategy and such business activities as government and community relations.
"Creating value for Masco's shareholders and mentoring our next generation of leadership will continue to be primary focus areas for me as executive chairman," he said.
Waldhams, 58, joined Masco in 1976 and held several financial positions before transferring to the MascoTech division in 1984, where he ultimately became executive vice president of finance and administration and CFO. He returned to Masco corporate in 2001 as CFO.
"Alan, Tim and I will work to assure a virtually seamless transition and will continue Masco's strategic focus on rationalizing our portfolio of operating divisions, streamlining operations, reducing costs, developing growth strategies for operation divisions and increasing profits and returns so that we can create greater value for our shareholders," Manoogian said.
Masco, a supplier of home improvement, building and plumbing products, also owns ready-to-assemble furniture manufacturers Mills Pride and Tvilum-Scanbirk, as well as d-Scan, which has been converted into a distribution center.
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