Linwood, PA, May 5--Foamex International Inc. announced that it is reorganizing its management and business unit structure. The Company has combined its Technical Products and Foam Products groups to better align management focus with the strategic goal of driving value-added specialty products through the various markets it serves.
Under the reorganization, Foamex is also placing the responsibility for manufacturing in its business units to promote productivity and accountability.
Thomas Chorman, President and Chief Executive Officer said, "This realignment of management and our business units will promote better market focus and improve integration and communication between our sales, marketing and manufacturing efforts, driving increased productivity and efficiency through all our businesses. I have great confidence in Foamex's management team's ability to successfully navigate this challenging business climate and better position the company for long-term, profitable growth."
As part of the reorganization, Andrew Thompson, formerly Executive Vice President of Technical Products, has been promoted to the role of Executive Vice President of the newly reorganized Foam and Technical Products business unit. Thompson will have responsibility for sales, marketing and manufacturing for Foamex's bedding, furniture, fabricated and technical products. Nick Costides, formerly Executive Vice President of Foam Products, has resigned to pursue other interests.
Commenting on Thompson's promotion, Chorman said, "Andy's experience in Technical Products and Research and Development uniquely qualifies him to lead our Foam and Technical Products business unit as we focus on further leveraging our technical capabilities and our state of the art VPF technology to create significant value for our customers and the end users of our products."
Vincent A. Bonaddio, formerly Senior Vice President of sales and marketing for the Technical Products group, has been promoted to Senior Vice President of Technical Products with responsibility for sales, marketing and manufacturing within that division. Bonaddio will report to Thompson. Also reporting to Thompson, and adding manufacturing to their current responsibilities, are Alvaro Vaselli, Senior Vice President, Foam Products North; Donald Crawford, Senior Vice President, Foam Products South; and Darrell Nance, Executive Vice President, Foam Products West.
Paul Haslanger, formerly Executive Vice President of Manufacturing, has been named Executive Vice President of Manufacturing Technology. Haslanger will report to Chorman and will be responsible for research and development, new product commercialization, new business integration, engineering, quality and environmental health and safety.
Andy Thompson, 40, was most recently Executive Vice President of Technical Products since January 2003. Prior to this position, from January 2000 to January 2003, Thompson was Senior Vice President, Research & Development. Prior to joining the company, Thompson spent ten years at Lyondell/ARCO Chemical where he held various positions in polyurethane-related areas. Thomson holds a B.S. in Chemistry from the University of Delaware and received a Ph.D. in Polymer Chemistry from the University of Massachusetts.
Vincent Bonaddio, 43, was most recently Senior Vice President of Sales and Marketing for the Technical Products Group since May 2001 and prior to that was Senior Vice President of Research and Development beginning in August 1997. He holds a B.S. in Chemical Engineering from Cornell University. Mr. Bonaddio also currently serves as President of the Polyurethane Foam Association.
