Armstrong Flooring, after completing the separation from Armstrong World Industries on April 1, announced the names of key executives who will operate the independent business.
The executives are: Donald Maier, president and CEO; John Thompson, senior VP and CFO; David Schulz, senior VP and COO; Dominic Rice, senior VP, North America Commercial; Joseph Bondi, senior VP, North American Residential.
“The completion of this separation marks an exciting new chapter in Armstrong Flooring’s storied 150-year history,” said Maier in a statement.
Shareholders retained their shares of Armstrong World Industries after the separation and received one share of Armstrong Flooring for every two shares of Armstrong World Industries owned as of 5 p.m. EST on March 21. Armstrong Flooring began “regular way” trading on the New York Stock Exchange today.
Armstrong World Industries’ stock was valued at $42.05 at press time. At market close on Friday, it was valued 12.5 percent higher at $48.10.
The separation was originally announced during a conference call with investors in February 2015. The company’s ceiling business will retain the name Armstrong World Industries, while the flooring division is now Armstrong Flooring.
“There is little existing overlap between the businesses, and we expect the separation to create minimal incremental operating expenses and result in no disruption to our customers, distributors and suppliers,” said Matthew Espe, president and CEO, in a statement announcing the separation last year. “Both businesses will remain headquartered in Lancaster and we expect minimal impact on our employees."
