Morningstar | Our Outlook for Owens Corning Is Unchanged Following the Firm's Announced CEO Transition. See Updated Analyst Note from 03 Jan 2019
We're not changing our fair value estimate nor our no-moat moat rating for Owens Corning following the company's announced CEO succession plan. Mike Thaman, who has served as CEO for 11 years, will retire from the role in April 2019, but he will continue to serve as the chairman of the board of directors. Current COO Brian Chambers, who has over 15 years of management experience with Owens Corning, will succeed Thaman as CEO. Since Thaman will continue to preside over the board, and we think Chambers, a long-tenured Owens Corning executive, was groomed for the role, we don't expect a significant shift in the company's business strategy over the course of our forecast. Chambers hasn't participated in Owens Corning's past quarterly earnings calls, but we expect that'll change for the upcoming fourth quarter earnings call.In August 2018, Chambers was promoted to COO after serving as the president of the roofing segment for approximately four years. Prior to that position, Chambers held various management positions with Owens Corning's composites and building materials businesses. We think Chambers' hands-on experience across Owens Corning's business lines will serve him well in his new role. The company's press release noted that Chambers, "has worked closely with the board over the past several years," which we think supports our view that he was groomed for the role.
Owens Corning is engaged in manufacturing and delivering a range of insulation, roofing, and fiberglass composite materials. The company's Composites segment includes vertically integrated downstream activities. The company manufactures, fabricates and sells glass reinforcements in the form of fiber. The company's Insulation segment includes a portfolio of high, mid and low-temperature products with a geographic mix of United States, Canada, Europe, Asia-Pacific and Latin America, a market mix of residential, commercial, industrial and other markets, and a channel mix of retail, contractor and distribution. The company's products in the Roofing segment are laminate and strip asphalt roofing shingles.
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