LANCASTER, Pa.–(BUSINESS WIRE)–Armstrong Flooring, Inc., (NYSE:AFI) North America’s largest producer of
resilient flooring products, today announced that its board of directors
and Donald R. Maier, President and Chief Executive Officer, have
mutually agreed that Mr. Maier would step down as CEO, effective
immediately. Armstrong Flooring Chair Larry S. McWilliams has been
elected Chief Executive Officer on an interim basis. He will focus on
the company’s near-term strategic priorities and facilitate Armstrong
Flooring’s management transition while the company seeks a permanent CEO.
Armstrong Flooring also announced today its first quarter 2019 financial
results, revised 2019 guidance and an increase in the size of the
Company’s stock repurchase plan.
Mr. McWilliams, the former President and CEO of Keystone Foods and a
former senior executive at Campbell Soup Company, joined the Armstrong
World Industries (NYSE: AWI) Board in 2010 and became Chair of the Board
of Armstrong Flooring in 2016 after it was spun off from AWI as an
independent, publicly traded company. Mr. McWilliams is a longtime
executive in the retail and consumer sectors and will remain the Chair
of Board of Armstrong Flooring. He is also the Chair of Board of
Armstrong World Industries.
“We are fortunate to have as our Chair a respected industry veteran and
an experienced business executive who will provide a steady hand and
ensure the Armstrong Flooring team remains focused on leading the
company into future, long-term success,” said James C. Melville, an
Armstrong Flooring Board director. “Larry has committed to be interim
CEO for as long as needed to ensure an orderly and seamless transition.”
Mr. McWilliams stated, “Armstrong Flooring has built incredible brand
equity and customer loyalty over its long history, and I am ready and
eager to step in at this juncture and work closely with our talented
employee base, distributors, and customers to deliver the best products,
solutions and value for all of our stakeholders.”
“We thank Don for his years of dedication to the company. He joined
Armstrong World Industries in 2010 and played many important roles along
the way, including the CEO role of Armstrong Flooring before and after
its transition into an independent company. We wish him the very best,”
Mr. McWilliams said.
“It has been my privilege to lead Armstrong Flooring during such a
critical phase in the company’s long history,” Mr. Maier said. “It has
also been my privilege to work with such a dedicated group of colleagues
who are committed to leading this great company into its next phase.”
Mr. Maier has resigned from the Board of Directors and will not stand
for re-election at the upcoming 2019 annual meeting.
About Larry McWilliams
Larry S. McWilliams is the interim CEO of Armstrong Flooring and Chair
of its Board of Directors. Mr. McWilliams was previously the President
and Chief Executive Officer of Keystone Foods, a producer of proteins,
from May 2011 to May 2012. From May 2005 to October 2010, he served as a
Senior Vice President at Campbell Soup Company and subsequently became
the President of Campbell International, responsible for all of Campbell
Soup’s business in Europe, Latin America and Asia Pacific. Mr.
McWilliams joined Campbell Soup in March 2001 as Senior Vice President
Sales and Chief Customer Officer, overseeing the company’s relationships
with its global retail partners. In April 2003, he assumed the position
of President North America Soup. Mr. McWilliams was named Senior Vice
President and President Campbell USA in March 2004. Prior to Campbell
Soup, Mr. McWilliams held positions at Coca-Cola from 1995 to 2001 and
the Pillsbury Company from 1993 to 1995. Mr. McWilliams also serves as
Chair of the Board at Armstrong World Industries, a manufacturer of
commercial and residential ceiling, wall and suspension system
solutions, and Armstrong Flooring’s predecessor company prior to its
spin-off in April 2016. In addition, Mr. McWilliams previously served on
the board of Godiva Chocolatiers International, a privately held
company, and on the board of Bob Evans Farms, Inc., a full-service
restaurant company. Mr. McWilliams formerly served on the Board of
Governors of St. Joseph’s University Food Marketing Council and the
Grocery Manufacturers’ Association’s Industry Affairs Council.
About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design
and manufacture of innovative flooring solutions. Headquartered in
Lancaster, Pennsylvania, Armstrong Flooring is North America’s largest
producer of resilient flooring products. The company safely and
responsibly operates 8 manufacturing facilities globally, working to
provide the highest levels of service, quality and innovation to ensure
it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.
Forward-Looking Statements
Disclosures in this release, including without limitation, those
relating to the Company’s management transition and plans with respect
to share repurchases, and in our other public documents and comments
contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements provide our
future expectations or forecasts and can be identified by our use of
words such as “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,”
“would,” “could,” “should,” “seek,” and other words or phrases of
similar meaning in connection with any discussion of future operating or
financial performance. Forward-looking statements, by their nature,
address matters that are uncertain and involve risks because they relate
to events and depend on circumstances that may or may not occur in the
future. As a result, our actual results may differ materially from our
expected results and from those expressed in our forward-looking
statements. A more detailed discussion of the risks and uncertainties
that could cause our actual results to differ materially from those
projected, anticipated or implied is included in our reports filed with
the U.S. Securities and Exchange Commission. Forward-looking statements
speak only as of the date they are made. We undertake no obligation to
update any forward-looking statements beyond what is required under
applicable securities law.
Contacts
Investors:
Douglas Bingham
SVP, Chief Financial Officer
717-672-9300
[email protected]
Media:
Alison van Harskamp
Director, Corporate Communications
717-672-7545
[email protected]
