Owens Corning (OC) Elects Chiquita's (CQB) Lonergan to Board
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Price: $165.04 --0%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 1.6%
Revenue Growth %: 0.0%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 1.6%
Revenue Growth %: 0.0%
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The Governance and Nominating Committee (the “Committee”) of Owens Corning (NYSE: OC) is responsible for recommending to the Board of Directors of the Company director nominees for election. As a result of a director search performed under the direction of the Committee, the Company has identified Edward F. Lonergan as a new director candidate. Mr. Lonergan currently serves as the President and Chief Executive Officer at Chiquita Brands International, Inc (NYSE: CQB).
On June 13, 2013, the Board took the following actions to become effective September 18, 2013: (a) increased the size of the Board as of September 18, 2013 by one member; and (b) elected Edward F. Lonergan as a director to fill the vacancy created by the increase in the size of the Board, to serve in Class II for a term expiring at the Company’s Annual Meeting of Stockholders in 2014. Mr. Lonergan also will serve on the Compensation and Finance Committees of the Board of Directors.
There is no arrangement or understanding between Mr. Lonergan and any other person pursuant to which Mr. Lonergan was selected as a director. For his service as a non-employee member of the Board, beginning September 18, 2013, Mr. Lonergan will participate in the non-employee director compensation arrangements in effect at that time. The arrangements currently in effect are described under the heading “2012 Non-Employee Director Compensation” in the Company’s proxy statement delivered in connection with its 2013 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on March 14, 2013. There are no related person transactions involving Mr. Lonergan that are reportable under Item 404(a) of Regulation S-K.
On June 13, 2013, the Board took the following actions to become effective September 18, 2013: (a) increased the size of the Board as of September 18, 2013 by one member; and (b) elected Edward F. Lonergan as a director to fill the vacancy created by the increase in the size of the Board, to serve in Class II for a term expiring at the Company’s Annual Meeting of Stockholders in 2014. Mr. Lonergan also will serve on the Compensation and Finance Committees of the Board of Directors.
There is no arrangement or understanding between Mr. Lonergan and any other person pursuant to which Mr. Lonergan was selected as a director. For his service as a non-employee member of the Board, beginning September 18, 2013, Mr. Lonergan will participate in the non-employee director compensation arrangements in effect at that time. The arrangements currently in effect are described under the heading “2012 Non-Employee Director Compensation” in the Company’s proxy statement delivered in connection with its 2013 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on March 14, 2013. There are no related person transactions involving Mr. Lonergan that are reportable under Item 404(a) of Regulation S-K.
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