Foley Tabbed as Libbey CEO
January 13, 2016,
TOLEDO, Ohio-William A. Foley has been named chairman and CEO of Libbey Inc., effective immediately.
Foley succeeds Stephanie Streeter, who has resigned to pursue other interests and who had been CEO since August 2011. In addition, John Orr, director of Libbey since 2008 and former CEO of Myers Industries, has been named lead director.
Foley has more than 30 years of experience in the glass tableware and consumer products markets. His career includes positions as vice president and general manager for the consumer division of The Scotts Co.; vice president and general manager of Rubbermaid Inc.’s specialty products division; and 14 years in various positions at Anchor Hocking Corp., including vice president of sales and marketing of the consumer and industrial products group. Foley has served as Libbey’s independent chairman since August 2011 and has been a director of the company since 1994.
“We have a highly talented management team in place at Libbey, and I am looking forward to working with the team as we continue to lead the company through its Own The Moment strategy,” Foley said. “Our board and management are committed to delivering greater shareholder value by improving operating performance, driving profitable growth and innovation, and strengthening the financial position of the company.”
Introduced last year, the Own the Moment strategy is Libbey’s initiative geared toward growing the business 4 to 6 percent annually to achieve a year-end 2018 revenue target in excess of $1 billion.
In announcing Foley’s appointment, Libbey also said net sales for the fiscal year ending on Dec. 31 are expected to total $817 million. The company also said it would announce its full financial results for the fourth quarter and the fiscal year on Feb. 24.