Owens Corning Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Owens Corning on February 5, 2008, regarding events occurring on February 5 and February 7, 2008. The filing addresses a change in the composition of the Company's Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly a disclosure of corporate governance changes and contains no financial performance data.
Material Changes
- Resignation: Marc Sole resigned from the Owens Corning Board of Directors on February 5, 2008. Mr. Sole was a Senior Vice President of D. E. Shaw & Co., L.P. ("DESCO") and one of two "Bondholder Designated Directors."
- Election: David J. Lyon was elected to the Board of Directors on February 7, 2008, to fill the vacancy created by Mr. Sole's resignation.
- Committee Assignment: Mr. Lyon was named to the Finance Committee of the Board.
- Background: Mr. Lyon is a Vice President of DESCO. Affiliates of DESCO beneficially own more than 10% of Owens Corning's outstanding common stock.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items. The document focuses solely on the procedural appointment of a new director.
Key Facts for Investor Verification
- David J. Lyon replaced Marc Sole as a Bondholder Designated Director representing DES Affiliates.
- DES Affiliates hold a significant stake (over 10%) in Owens Corning.
- Mr. Lyon is eligible for standard non-management Director compensation plans upon election.
- The remaining Bondholder Designated Director, Daniel K. K. Tseung, designated Mr. Lyon to fill the vacancy per the Company's Bylaws.