Libbey Inc.’s board of directors has elected William Foley as the company’s new chairman and CEO, effective immediately. Stephanie Streeter, Libbey’s CEO since 2011, has resigned from the company to pursue other opportunities, Libbey noted.
John Orr, a director of Libbey since 2008 and former CEO of Myers Industries, Inc., has been named lead director.
Foley has over 30 years of experience in the glass tableware and consumer products markets. Foley has served as Libbey’s independent chairman of the board since August 2011 and has been a director of the company since 1994. Past positions include vp/gm for the consumer division of The Scotts Company, vp/gm Rubbermaid Inc.’s specialty products division, and 14 years in various positions at Anchor Hocking Corp., including vp/sales and marketing of the consumer and industrial products group.
“We have a highly talented management team in place at Libbey, and I am looking forward to working with the team,” Foley said.
“Our board and management are committed to delivering greater shareholder value by improving operating performance, driving profitable growth and innovation, and strengthening the financial position of the company. Our strong market position in our businesses in the Americas and food service channels is a cornerstone of our Own The Moment strategy, and we remain committed to building and strengthening our retail and business-to-business channels as we reposition Libbey as a stronger branded consumer products company,” Foley added.
Orr said, “The board is committed to pursuing a strategy focused on improving Libbey’s financial performance in the near term and generating sustainable profitable growth for the long term. Bill is uniquely qualified to lead that effort. He has already gained a deep knowledge of our business as a director with our company.”