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Foamex appoints Raymond E Mabus as President & CEO
30 May '06
3 min read
Foamex International Inc announced that its Board of Directors has named Raymond E. Mabus, Jr., Chairman of the Foamex Board of Directors, Interim President and Chief Executive Officer of Foamex. Thomas E. Chorman, President, Chief Executive Officer and a Director of Foamex, has resigned from the Company by mutual agreement with the Board, effective immediately.
The Board has also established a Search Committee to conduct a search for a permanent President and Chief Executive Officer. The Search Committee will seek bankruptcy court approval to retain an executive search firm to assist in its search for highly-qualified President and CEO candidates.
Mr. Mabus commented, "On behalf of the Board of Directors, I would like to thank Tom for his many contributions to Foamex over the past four very challenging years and wish him well in his future endeavors. As we look to the future, now is the right time to begin a search for new leadership for Foamex.
The Board's Search Committee will work with Foamex's stakeholders to define the qualifications and skill set we're looking for in potential candidates. We will conduct an aggressive search to fill this position as quickly as practicable, but are committed to ensuring that Foamex's next President and CEO is the right leader for Foamex for the long-term.
"In the meantime," Mabus continued, "I have committed to leading the Company as Interim President and CEO during this transition. While Foamex faces a set of complex challenges, we are building a solid foundation and working hard to bring the Company out of chapter 11 on a consensual basis as quickly as possible. Foamex has a strong senior management team in place that possesses excellent operating experience, and I look forward to working closely with the team to achieve our goals of exiting chapter 11 promptly, increasing our profitability and competitiveness for the long-term, solidifying our position as market leader, and building significant value for Foamex's stakeholders."
The Board has also established a Search Committee to conduct a search for a permanent President and Chief Executive Officer. The Search Committee will seek bankruptcy court approval to retain an executive search firm to assist in its search for highly-qualified President and CEO candidates.
Mr. Mabus commented, "On behalf of the Board of Directors, I would like to thank Tom for his many contributions to Foamex over the past four very challenging years and wish him well in his future endeavors. As we look to the future, now is the right time to begin a search for new leadership for Foamex.
The Board's Search Committee will work with Foamex's stakeholders to define the qualifications and skill set we're looking for in potential candidates. We will conduct an aggressive search to fill this position as quickly as practicable, but are committed to ensuring that Foamex's next President and CEO is the right leader for Foamex for the long-term.
"In the meantime," Mabus continued, "I have committed to leading the Company as Interim President and CEO during this transition. While Foamex faces a set of complex challenges, we are building a solid foundation and working hard to bring the Company out of chapter 11 on a consensual basis as quickly as possible. Foamex has a strong senior management team in place that possesses excellent operating experience, and I look forward to working closely with the team to achieve our goals of exiting chapter 11 promptly, increasing our profitability and competitiveness for the long-term, solidifying our position as market leader, and building significant value for Foamex's stakeholders."
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