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Propex appoints Mr McGee New President & CEO

14
Apr '08

Propex Inc announced that its board of directors has appointed Woody McGee as the interim President and Chief Executive Officer of Propex, effective.

Mr. McGee is a seasoned executive consultant with Cerberus Capital Management, L.P. and has extensive experience in executive management and the restructuring of companies in a wide variety of industries domestically and internationally.

Mr. McGee's most recent assignment was aiding Global Home Products, a $550.0M consumer products manufacture and importer to successfully emerge from Chapter 11.

Prior to Mr. McGee's relationship with Cerberus Capital Management, L.P. his career spanned 30 years with Litton Industries Inc. and Telxon Corporation.

“I am truly excited to be joining Propex at this challenging time,” said Mr. McGee, president and CEO. “My focus will be to work with the entire Propex team to best position the company to grow and prosper in the current marketplace while getting ready to capitalize on our future beyond Chapter 11.”

Mr. McGee replaces Joseph F. Dana who is retiring after more than 20 years of dedicated service to the Propex and Synthetic Industries families.

“Joe's vision, commitment and team building philosophy have helped guide Propex for many years,” said Billy Oehmig, a representative of the board of directors.

“At the wishes of the board, Joe has agreed to continue to provide the Company with advice and counsel. We extend our most heartfelt thanks, and wish him and Tammy the best in the years to come.”

Propex Inc

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