From Home Furnishing Business
CEO Settles In At Foamex For The Second Time
By Home Furnishings Business in Bedding on April 2007
John Jack Johnson Jr. has returned to Foamex International, Linwood, Pa., as chief executive officer and a member of the companys board of directors. From 1999 to 2001, he served as CEO of the company that makes polyurethane foam for the bedding, furniture, carpet cushion and automotive markets.
Ray Mabus has resigned as CEO and chairman of the board after successfully leading the company through its emergence from chapter 11 bankruptcy protection.
The company also announced Monday that Eugene Davis has been named non-executive chairman of the board of directors. Johnson has spent the last few years running his own management consulting business specializing in turnaround initiatives. He has been the lead director of Thermadyne Holdings for three years, but will relinquish the post to focus on Foamex.
On behalf of the board, I would like to welcome Jack back to Foamex, said David said. Jack is a proven leader who brings to Foamex an ideal combination of skills and experience, having led the company at a time when it enjoyed then historic levels of profitability and growth. We are confident that Foamex will greatly benefit from his intimate knowledge of the company and industry experience as we continue to focus on driving shareholder value through growth and de-leveraging.
In an announcement, Davis thanked Mabus for successfully completing Foamexs financing restructuring and a bankruptcy process that resulted in the companys creditors being paid in full. He said Mabus stepped down after having commuted to the job from his home in Mississippi for a long period.