Linwood, PA, Feb. 11--Foamex International Inc. announced that Raymond E. Mabus, Jr. has been elected as non-executive Chairman of the Board, effective immediately.
Mabus replaces Marshall S. Cogan, who has resigned from the company by mutual agreement with the Board.
Mabus said, "The Board has accepted Mr. Cogan's resignation and recognizes his contribution. The Board and management continue to revitalize Foamex, build on its solid operational base, and position the company to take advantage of the improving economic environment. In addition, the Board is reaffirming its commitment to strong corporate governance, ensuring the consistency of its performance, and maintaining investor confidence.
"We have already taken many positive actions to address the challenges we face, and as Chairman, I look forward to working with the rest of the Board and our talented management team to return Foamex to a level of performance commensurate with our potential," he continued.
In connection with Cogan's separation agreement, Foamex expects to record a one-time charge of approximately $1.4 million in the first quarter of 2004. This charge will be substantially offset by amounts previously accrued related to the retirement provisions of Cogan's employment agreement.
