Walter Industries Names Don DeFosset President And Chief Executive Officer
-- Donald N. Boyce To Maintain Non-Executive Board Chairmanship --
-- New Financial Officers Named --
TAMPA, Fla., Nov. 6 /PRNewswire/ -- Walter Industries, Inc. (NYSE: WLT) announced today that Don DeFosset, a 29-year industrial manufacturing veteran, has been named President and Chief Executive Officer and appointed to the company's Board of Directors. Mr. DeFosset assumes the President and CEO role from Donald N. Boyce, who has served as Interim Chairman, President and CEO since August 3, 2000, and who will maintain the role of non-executive Chairman of the Walter Industries Board of Directors for a suitable transition period.
Mr. DeFosset, 51, gained extensive manufacturing and operations management experience during a 29-year career in heavy industry, most recently as Chief Operating Officer of Dura Automotive Systems, Inc., a $2.6 billion Rochester Hills, Michigan-based automotive components manufacturer. Prior to that, Mr. DeFosset spent three years as Corporate Executive Vice President and Truck Group President with Chicago-based Navistar International Corporation. From 1993 to 1996 he served as President of Southfield, Michigan-based AlliedSignal, Inc.'s $1 billion Safety Restraint Systems division.
From 1989 to 1992 Mr. DeFosset was Executive Vice President, Operations with the Allentown, Pennsylvania, headquarters of Mack Trucks, Inc. Prior to that, he spent 18 years in a series of progressively responsible finance, manufacturing and executive positions with the domestic and European Automotive Operations of Rockwell International.
"Don DeFosset is a proven leader with an outstanding record of operations improvement and earnings growth and a solid background in industrial manufacturing and strategic development," said Mr. Boyce. "The Board of Directors is confident that Don will provide the type of team-oriented leadership needed to focus and reenergize Walter Industries and elevate this company to its true operating potential. We are delighted to have him aboard."
"I am looking forward to leading Walter Industries to improved levels of achievement with a high degree of excitement and enthusiasm," Mr. DeFosset commented.
Mr. DeFosset is a graduate of Purdue University in West Lafayette, Indiana, where he earned a bachelor's degree in industrial engineering. He received his MBA from Harvard Business School in 1974. Mr. DeFosset currently serves on the Board of Directors of Terex Corporation and Safelite Auto Glass Corporation. He is also on the National Advisory Board of both the University of Michigan and Purdue University.
In addition to Mr. DeFosset's appointment, the company today announced the addition of the following financial officers to its senior management team:
* Charles E. Cauthen, 42, has been named Senior Vice President - Controller, responsible for overseeing Walter Industries' accounting, financial reporting, budgeting and planning functions as well as the company's financial operating systems. He succeeds Mark S. Hiltwein, who has left the company to pursue other interests.
Mr. Cauthen joins Walter Industries from Charlotte, North Carolina-based Bank of America Corporation, where he served as Chief Financial Officer and Controller for the company's Consumer Products Group. Prior to that, Mr. Cauthen served as Chief Financial Officer and Controller for Bank of America's Consumer Finance Division. From 1987 to 1997 he was with Jacksonville, Florida-based Barnett Banks, Inc., most recently serving as Director of Corporate Development and, prior to that, Director of Corporate Accounting. From 1980 to 1987 Mr. Cauthen was with the Memphis, Tennessee, office of Deloitte & Touche, LLP.
A Certified Public Accountant, Mr. Cauthen holds a bachelor of business administration degree in accounting from the University of Mississippi.
* Joseph J. Troy, 37, is rejoining Walter Industries, Inc. as Senior Vice President - Treasurer, overseeing the company's public and private financing activities, investment and commercial banking relations, cash management, risk management and corporate pension and profit sharing investments. Mr. Troy succeeds Thomas J. Quinlan, who has left the company to pursue other interests.
Mr. Troy most recently served as Senior Vice President and Chief Financial Officer with Tampa-based Gold Standard Multimedia. From April 1998 to February 2000 he served as Walter Industries' Vice President - Treasurer. Previously, Mr. Troy served as Senior Vice President - Corporate Finance for the Global Finance Division of NationsBank in Tampa. In this role he was responsible for client financial services and relationship management including the issuance of senior bank debt, public and private debt financings, mergers and acquisitions, structured and asset-backed financings and derivatives.
Mr. Troy is a graduate of Loyola College in Baltimore, where he earned a bachelor of business administration degree in finance. He earned an MBA in finance from Loyola in 1990.
"Both Charles Cauthen and Joe Troy are seasoned executives with a wealth of financial and strategic experience," said Mr. Boyce. "We look for them to play a vital role in our efforts to reduce costs, improve profits and streamline Walter Industries operating structure, in line with our previously stated goals."
The company also announced today that Robert B. Lewis has resigned his position as Executive Vice President and Chief Financial Officer to pursue other interests. Mr. Boyce said that the search for a new CFO will be among the initial priorities of incoming CEO, Don DeFosset. "We thank Bob Lewis and his fellow departing executives for their contributions and service, and wish them the very best in the future," Mr. Boyce commented. "We are pleased to have Messrs. Cauthen and Troy join us at this time, ensuring a smooth and orderly transition in all of our financial endeavors. Their combined experience, along with that of our existing executive team, will provide crucial support to Don DeFosset as he solidifies and advances the company's strategic plan." |
