- Push-out Score determined
- After around 11 years in the position
- Praise and thanks for Thaman
- Brian Chambers taking over
- Thaman will remain as Executive Chairman at Owens Corning
- Thaman said 119 words
(exechange) — Toledo, Ohio, January 3, 2019 — Mike Thaman, chief executive of Owens Corning, leaves the position. As announced by Owens Corning in a news release and in a regulatory filing published on Thursday, January 3, 2019, Michael H. (Mike) Thaman leaves his post as Chief Executive Officer at the maker of insulation, roofing, and fiberglass composites after around 11 years in the role, effective April 18, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.8 years, according to data compiled by exechange. Only 35 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Mike Thaman’s duties will be taken over by Brian D. Chambers, currently Chief Operating Officer of Owens Corning.
“Successful culmination of a multiyear succession plan”
Mike Thaman’s departure from the CEO post is explained as follows. John Williams, Lead Independent Director of Owens Corning’s Board of Directors, said: “This announcement is the successful culmination of a multiyear succession plan to select the best leader for the company.”
Thaman will remain as Executive Chairman at Owens Corning
“Mr. Thaman, who has served as Chairman since 2002 and as CEO since 2007, announced his retirement as CEO and will remain with the company in the role of Executive Chairman,” Owens Corning said.
Owens Corning said: “Owens Corning … announced today that its Board of Directors elected Brian D. Chambers, 52, current President and Chief Operating Officer …, to succeed Mike Thaman as Chief Executive Officer …, effective April 18, 2019.”
Owens Corning further said: “On January 3, 2019, Michael H. Thaman notified Owens Corning … that he has decided to retire from his role as Chief Executive Officer … as of the day of the Company’s Annual Meeting of Stockholders …, currently scheduled for April 18, 2019.”
Share price decline
The change follows a decline in Owens Corning’s share price of 55 percent since January 2018.
In the position of CEO since 2007
Thaman has been the Chief Executive Officer of Owens Corning since December 6, 2007.
Thaman has served as Owens Corning’s President and Chief Executive Officer since 2007 and as Chairman since 2002.
Thaman joined Owens Corning in 1992 and held a variety of senior leadership positions, including Chief Financial Officer beginning in 2000, President of the Exterior Systems Business beginning in 1999 and President of the Engineered Pipe Systems Business beginning in 1997.
Prior to joining Owens Corning, Thaman was Vice President in the New York office of Mercer Management Consulting, a strategy consulting firm.
Thaman is also a member of the Business Roundtable and serves on the Policy Advisory Board of the Joint Center for Housing Studies of Harvard University.
Thaman is a member of the boards of The Sherwin-Williams Company and Kohler Co.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Owens Corning and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 1.2019 ($).