Gregory P. Spivy Joins Armstrong World Industries Board of Directors
December 15 2014 - 4:30PM
LANCASTER, PA - December 15, 2014 - Armstrong
World Industries, Inc. (NYSE: AWI) today announced that Gregory P.
Spivy, a Partner at ValueAct Capital, will become a member of the
Armstrong board of directors effective December 15, 2014. The
size of the Armstrong board of directors was increased from eleven
to twelve prior to Mr. Spivy's appointment.
Mr. Spivy has been a Partner of ValueAct Capital
for ten years. He currently serves as the chairman and a director
of Seitel, Inc. He is the former chairman of MSD Performance, Inc.
and a former director of KAR Auction Services, Inc., MDS, Inc., MSC
Software Corp. and PRA International.
"We've had the opportunity to get to know Greg
over the past few months, and we look forward to working with him
more closely as a member of the Board," said James O'Connor,
chairman of the Armstrong board of directors. "We believe that Greg
will bring valuable insight given his background and financial
expertise."
"Armstrong is a strong, global company with great
long-term potential," said Mr. Spivy. "I am honored to be
joining the board, and I look forward to working with the other
members of the board of directors, as well as with CEO Matt Espe
and the entire management team, to help continue to drive growth
and value for all shareholders."
ValueAct Capital holds approximately 17% of
Armstrong's outstanding common stock. As described in more
detail in Armstrong's Current Report on Form 8-K filed today with
the SEC, Armstrong today entered into a Nomination and
Shareholder's Agreement with ValueAct Capital and Mr. Spivy that
provides for Mr. Spivy's appointment to the Armstrong board and
includes certain restrictions on ValueAct's ability to purchase
additional Armstrong shares and take other actions.
About Armstrong
Armstrong World Industries, Inc. is a global
leader in the design and manufacture of floors and ceiling
systems. In 2013, Armstrong's consolidated net sales from
continuing operations totaled approximately $2.7 billion. As
of September 30, 2014, Armstrong operated 34 plants in eight
countries and had approximately 8,600 employees worldwide.
Gregory P. Spivy Joins Armstrong
Board FINAL
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information contained therein.
Source: Armstrong World Industries, Inc. via
Globenewswire
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