USG Leadership Team to Leave After Knauff Merger
Originally published by: USG — January 22, 2019
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Editor’s Note: The article below outlines significant leadership changes for USG Corporation, a manufacturer of mineral wool insulation, upon its merger with Knauf, a leading global producer of building products including insulation.
USG Corporation President and Chief Executive Officer Jennifer F. Scanlon today announced that she intends to leave USG upon, and subject to, the completion of the pending merger with Gebr. Knauf KG (“Knauf”). Ms. Scanlon will continue to serve as President and CEO until closing, continuing to focus on executing USG’s business plans and strategies, and ensuring a smooth transition for USG’s employees, customers and other stakeholders.
“It has been a great privilege to serve as President and CEO of USG, and I am very proud of the work done by the USG team to align our strategy with customer needs and accelerate innovation,” said Ms. Scanlon. “Our shareholders will realize significant and certain cash value upon the closing of the merger, and our employees and customers will benefit from the creation of a global building materials leader that will leverage two highly complementary businesses to better meet the needs of our customers. Until the closing it’s business as usual at USG. Following the closing, I will continue to advocate for innovation in the construction industry and promote STEM education to expand opportunities for talented students in manufacturing.”
Ms. Scanlon has served in leadership roles at USG for sixteen years. As a senior executive, she led the execution of some of the Company’s most significant strategic moves in recent history, including establishing the USG Boral Building Products joint venture and the divestiture of L&W Supply Corporation. Ms. Scanlon became USG’s President and CEO effective November 1, 2016.
“Jenny became President and CEO at a time of significant change for our business, refocusing the Company on growth and innovation, and building a strong team. On behalf of the USG Board of Directors, I would like to thank Jenny for her strong leadership and extraordinary contributions to the success of our Company,” said Steven F. Leer, Chairman of the USG Board of Directors.
In addition to Ms. Scanlon, the Company anticipates that several other members of the USG executive team will depart USG following, and subject to, the closing of the merger. The departing executives include:
- Matthew F. Hilzinger, Executive Vice President and Chief Financial Officer
- Brian J. Cook, Executive Vice President and Chief Administrative Officer
- Dominic A. Dannessa, Executive Vice President and Chief Customer and Innovation Officer
- Gregory D. Salah, Senior Vice President, USG Corporation and President, Gypsum
- Michelle M. Warner, Senior Vice President, General Counsel and Corporate Secretary
“We thank these talented executives for their leadership and for their service to USG, our customers and employees,” said Mr. Leer.
These leadership changes will only become effective upon closing of the merger with Knauf. The Company expects the merger will close in early 2019 subject to the receipt of certain regulatory approvals and other customary closing conditions. Until that time, both companies will continue to operate as separate businesses under their current leadership structures.