James Metcalf tapped to lead USG Corp. as chairman
USG Corp. says its longtime chairman, William C. Foote, will retire from the company and its Board of Directors effective December 1, 2011. The USG Board of Directors elected James S. Metcalf, USG's President and CEO, to the additional post of Chairman of the Board effective upon Foote's retirement. These changes complete an executive succession plan overseen by Foote and the USG Board of Directors over the past few years.
Foote has served as USG's Chairman since 1996, after having been elected Chief Executive Officer in 1995 and President in 1994. Foote has nearly 27 years of service, having joined USG in 1984. As the youngest chairman in USG's 109-year history, he led the company through periods of rapid growth, severe economic contraction and a Chapter 11 bankruptcy related to legacy legal liabilities.
"It has been an honor and a privilege to lead this great company for the last 15 years," said Foote. "I have great confidence in the company's leadership team and its future. I will sincerely miss the many friendships I have developed throughout the company and the industry over the years. I will always be grateful to our Board of Directors for their steadfast support and wise counsel."
CEO and Chairman-elect Metcalf said, "It has been a pleasure to work with Bill in a variety of roles throughout my career. His vision and leadership skills have enabled USG to remain a leader in the building materials industry. The company has a solid foundation - despite the prolonged contraction in some of our key markets - as a result of Bill's sound leadership. The company is well positioned to pursue its strategy of strengthening core businesses, diversifying revenue sources and differentiating USG through innovation."