Jeff Walker, a 19-year Koch company veteran, will become chairman of Invista's board of directors and CEO. Invista's current president, Steve McCracken, will serve on the board of directors, remain president and also become COO.
In addition to Walker and McCracken, Invista's board of directors will include the following: Charles Koch, chairman and CEO of Koch Industries; Joe Moeller, president and COO of Koch Industries; Bill Caffey, executive vice president of Koch Industries; Rich Fink, executive vice president of Koch Industries; Steve Feilmeier, chief financial officer of Koch Industries; and John Pittenger, senior vice president of Koch Industries.
Also upon closing, George Gregory, currently president and CEO of KoSa B.V., will become an Invista senior vice president, reporting directly to the CEO.
Additional members of the leadership team and other organizational decisions will be announced as appropriate in the coming weeks. Upon the conclusion of the transaction, which is subject to regulatory approvals that are expected to be complete in the first half of 2004, Invist's strong brands, primarily in nylon and spandex, will be combined with the polyester businesses of KoSa, a subsidiary of Koch Industries Inc., to create a diverse company, well-positioned to compete in the global fibers and resins markets.