Masco Chief Executive to Give Up Post, Become Executive Chairman
Building products maker Masco
Manoogian, whose father founded the maker of cabinets, Delta faucets and Behr paint, recommended to the board that Timothy Wadhams, Masco chief financial officer, be named CEO, the company said in a statement.
Masco President and Chief Operating Officer Alan Barry, 64, also would like to step down in early 2008 when he reaches the company's normal retirement age, the statement added.
Manoogian, 70, said the company had "no plans to change" strategic direction in the statement.
Wadhams, 58, joined Masco in 1976 and transferred to a publicly traded affiliated company in 1984. In 2001, he returned to Masco as finance chief.
Masco , based in Taylor, Mich., said in February that earnings could decline this year amid the slower U.S. housing market, and it expected to have cut more than 8,000 jobs by the end of the first quarter. About 40% of Masco's sales are tied to new home construction.
The company made its announcement after regular trading closed. Masco shares rose moderately in extended trading on the New York Stock Exchange. So far this year, the stock has fallen about 10%.