19 April 2011 – Chattanooga-based Propex Operating Company, LLC, announced today that its Board of Managers has named Michael Gorey as President and Chief Executive Officer, effective immediately.
Mr. Gorey is a proven leader with experience as a chief executive, most recently serving as the President of Bridgestone, North American Consumer Tire Business. With more than 25 years experience in the automotive and building products industries, Gorey has the know-how to drive innovations and strategies that produce growth, profit and market leadership, even in volatile markets.
A global leader in technology and innovation, Propex is owned by a private investment fund managed by Wayzata Investment Partners LLC, a Minneapolis-based private equity firm. Propex has a strong foundation and substantial liquidity to aggressively expand its market leadership.
“I am excited about the opportunity to work with Wayzata and the Propex leadership team,” said Gorey. “Propex brands represent some of the most innovative solutions in the geotextile, building products, concrete and flooring markets. I look forward to working with the team to increase our growth and leadership position for the company worldwide.”
“Michael Gorey has delivered a consistent track record with both turnaround and growth success in his previous positions,” said John Byrne, interim Chief Executive Officer. “His demonstrated strategic passion and focus will continue to lead the growth and diversification of the Propex global businesses.”
In connection with the hire, Mr. Byrne will no longer serve in an operating management capacity, but will continue to serve on the Board of Managers for the company.
The Propex leadership team of Ralph Bruno, Executive Vice President of Sales and Marketing; Randy Powell, Executive Vice President of Operations; and Dan Zimmerlee, Executive Vice President and Chief Financial Officer, will report directly to Gorey.
For more information and Propex news, visit the “Press Room” section of www.propexbrands.com.
About Propex Operating Company, LLC
Propex Operating Company, LLC is a global leader in the development, design, and manufacturing of brands and products that create advantages for its customers. Propex’s footprint covers three continents, with 10 facilities totaling over five million square feet of manufacturing and more than 2,000 teammates focused on the markets the company serves. Often the inventor and always the innovator, Propex has both the heritage and vision which makes it the leader in the marketplace today that will continue to grow in the future in all facets of the company’s business.
SOURCE Propex Operating Company, LLC
