Formica announces management changes
Formica Corp. President, Chief Executive Officer and Chairman of the Board of Directors Vince Langone tendered his resignation as an officer and director of the company, its direct parent FM Holdings Inc., its indirect parent Laminates Acquisition Co., and their subsidiaries.
These companies also terminated Langone’s employment.
Frank A. Riddick III has been elected president, chief executive officer and director of Formica Corp., FM Holdings, Inc. and Laminates Acquisition Co.
Riddick’s experience includes serving as president, chief operating officer and chief financial officer of Armstrong World Industries Inc. He also served as chief executive officer of Triangle Pacific Corporation, a wholly owned subsidiary of Armstrong World Industries Inc.
Formica Corp. has also entered into an agreement with Lazard Freres & Co. LLC as restructuring advisor to advise it in connection with potential restructurings, business combinations and financings.
William Adams resigned as director of Formica Corp. FM Holdings Inc., Laminates Acquisition Co., and their subsidiaries. Adams also resigned as an officer of Formica International Corp., a subsidiary of Formica Corp., and its subsidiaries, but will remain as an employee until June 14, 2002.