Press

18 Apr. 2011

MICHAEL GOREY, APPOINTED CEO OF PROPEX OPERATING COMPANY, LLC

Corporate News

CHATTANOOGA, Tennessee, April 18, 2011 – Chattanooga-based Propex Operating Company, LLC, announced today that its Board of Managers has named Michael Gorey, as President, Chief Executive Officer, effective immediately.

Mr. Gorey is a proven leader with experience as a chief executive, most recently serving as the President 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.

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