Galbato to step down as Armstrong CEO; Lockhart to assume reins of company
According to a company statement, the change in leadership is driven by a desire to eliminate the holding company philosophy, to reduce overall resources and apply all available resources to increasing the success of Armstrong’s core floors, ceilings and cabinets business units.
"As we approach emergence [from bankruptcy]," said Lockhart, "the Chapter 11 process is placing fewer demands on my time. This allows me to focus more directly on Armstrong's businesses. Chan and I agree that this situation creates a redundancy between our roles.
"In his two years at Armstrong, Chan made significant contributions to the company. He oversaw the integration of Armstrong Wood Products with Armstrong Floor Products, creating one flooring business. He renewed our focus on commercial flooring, where we are currently enjoying good success. Under Chan's leadership, we have also been able to bring about significant cost reductions in our European Flooring operations."