Armstrong World Industries Announces Director Resignations
LANCASTER, Pa., Sept. 1 /PRNewswire-FirstCall/ -- Armstrong World Industries, Inc. (NYSE: AWI) today announced the resignations from the company's Board of Directors of Robert C. Garland, Russell F. Peppet, Arthur J. Pergament, and Hon. Alexander M. Sanders, Jr. The resignations are effective September 11, 2009, or such earlier time as successors or replacements are elected or appointed. These directors are submitting their resignations in order to facilitate the addition to the Board of four new directors - two to be designated by Armor TPG Holdings LLC and two to be designated by the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust ("Settlement Trust").
The designation of two directors to the Board by each of Armor TPG Holdings and the Settlement Trust is contemplated by the Shareholders' Agreement, between Armor TPG Holdings and the Settlement Trust, which was executed on August 28, 2009, in connection with the closing of Armor TPG Holdings' acquisition of shares of the company's common stock from the Settlement Trust. The company is not a party to the Shareholders' Agreement. Director-designees proposed by Armor TPG Holdings or the Settlement Trust will be subject to the evaluation and recommendation of the Board's Nominating and Governance Committee prior to their election by the Board.
Chairman and Chief Executive Officer Michael D. Lockhart said, "Alex, Arthur, Rob and Russ joined the Armstrong Board as part of our emergence from bankruptcy in October 2006. In the past three years, they have helped us deal with an extended strategic review process and with an unprecedented market downturn. Their contributions and good-natured collegiality will be missed. We thank them for their contributions and wish them all the best."
Armstrong World Industries, Inc. is a global leader in the design and manufacture of floors, ceilings and cabinets. In 2008, Armstrong's consolidated net sales totaled approximately $3.4 billion. Based in Lancaster, Pa., Armstrong operates 37 plants in nine countries and has approximately 11,200 employees worldwide. For more information, visit www.armstrong.com.
