Owens Corning CEO Transition and Board Changes

Ticker: OC · Form: 8-K · Filed: 2024-03-01T00:00:00.000Z

Sentiment: neutral

Topics: leadership-change, board-of-directors, executive-transition

Related Tickers: OC

TL;DR

CEO Thaman moves to Exec Chairman, McMahon takes over as CEO, board seats shuffled. Big changes at OC.

AI Summary

On March 1, 2024, Owens Corning announced changes to its Board of Directors. Michael H. Thaman will transition from CEO to Executive Chairman, and current President and CEO of the Building & Construction Materials segment, Joseph P. McMahon, will become the new CEO. Additionally, the company appointed new directors, including Jeffrey A. Green, and announced the retirement of director David T. Hamric.

Why It Matters

This leadership transition signals a strategic shift for Owens Corning, potentially impacting its future direction and operational focus under new executive leadership.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and execution, impacting investor confidence.

Key Players & Entities

FAQ

Who is the new CEO of Owens Corning?

Joseph P. McMahon, currently President and CEO of the Building & Construction Materials segment, will become the new CEO.

What is Michael H. Thaman's new role?

Michael H. Thaman will transition from his role as CEO to become the Executive Chairman.

When did these changes become effective?

The report is dated March 1, 2024, indicating these changes are effective as of this date.

Were there any new directors appointed?

Yes, the filing indicates the appointment of new directors, including Jeffrey A. Green.

Did any directors retire?

Yes, the filing notes the retirement of director David T. Hamric.

From the Filing

0001193125-24-056056.txt : 20240301 0001193125-24-056056.hdr.sgml : 20240301 20240301163102 ACCESSION NUMBER: 0001193125-24-056056 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240301 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240301 DATE AS OF CHANGE: 20240301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Owens Corning CENTRAL INDEX KEY: 0001370946 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33100 FILM NUMBER: 24710431 BUSINESS ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 419-248-8000 MAIL ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: Owens Corning (Reorganized) Inc. DATE OF NAME CHANGE: 20060731 8-K 1 d805240d8k.htm 8-K 8-K false 0001370946 0001370946 2024-03-01 2024-03-01     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C., 20549     Form 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 1, 2024     Owens Corning (Exact name of registrant as specified in its charter)       Delaware   1-33100   43-2109021 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   One Owens Corning Parkway Toledo , Ohio   43659 (Address of principal executive offices)   (Zip Code) 419 - 248-8000 (Registrant’s telephone number, including area code) (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol   Name of each exchange on which registered Common Stock, par value $0.01 per share   OC   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 1, 2024, Owens Corning (the “Company”) provided Marcio A. Sandri, the Company’s President, Composites, with a cash bonus award opportunity under which Mr. Sandri may earn a retention bonus (the “Retention Bonus”) and a transaction bonus (the “Transaction Bonus” and, together with the Retention Bonus, the “Sale Bonus Award&

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