– USA, OH – Libbey Inc. (NYSE: LBY), one of the largest glass tableware manufacturers in the world, today announced that its Board of Directors has elected William A. Foley as the Company’s new chairman and chief executive officer, effective immediately. Stephanie A. Streeter, Libbey’s chief executive officer since August 2011, has resigned from the Company to pursue other opportunities. John C. Orr, a director of Libbey since 2008 and former chief executive officer of Myers Industries, Inc., has been named lead director.
Foley has over 30 years of experience in the glass tableware and consumer products markets. His track record includes success in building high-growth businesses as a chief executive officer of both public and private companies; vice president and general manager for the Consumer Division of The Scotts Company; vice president and general manager of Rubbermaid Inc.’s Specialty Products Division; and 14 years in various positions at Anchor Hocking Corp., including vice president of sales and marketing of the Consumer and Industrial Products Group. Foley has served as Libbey’s Independent Chairman of the Board since August 2011 and has been a director of the Company since 1994.
“We have a highly talented management team in place at Libbey, and I am looking forward to working with the team as we continue to lead the Company through its Own The Moment strategy,” Foley said. “Our Board and management are committed to delivering greater shareholder value by improving operating performance, driving profitable growth and innovation, and strengthening the financial position of the Company. Our strong market position in our businesses in the Americas and foodservice channels is a cornerstone of our Own The Moment strategy, and we remain committed to building and strengthening our retail and business-to-business channels as we reposition Libbey as a stronger branded consumer products company. We are confident that our strengths, combined with a more focused strategy centered on innovative products, a customer focus and responsiveness to market conditions, will enable us to achieve the Company’s long-term growth potential.”
Orr added, “The Board is committed to pursuing a strategy focused on improving Libbey’s financial performance in the near term and generating sustainable profitable growth for the long term. Bill is uniquely qualified to lead that effort. He has already gained a deep knowledge of our business as a director with our Company. In addition, his previous successes in building profitable businesses within the consumer products industry will be invaluable as we work to improve our direction and achieve similar growth at Libbey. The Board also wants to thank Stephanie Streeter for her service to the Company and we wish her well in her future endeavors.”
About Libbey Inc.
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the U.S., Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies tabletop products to retail, foodservice and business-to-business customers in over 100 countries. Libbey’s global brand portfolio, in addition to its namesake brand, includes Crisa®, Royal Leerdam®, World® Tableware, Syracuse® China, and Crisal Glass®. In 2014, Libbey Inc.’s net sales totaled $852.5 million.
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