Columbia, SC, December 21, 2005--Roger Milliken will step down as chief executive of the Spartanburg textile firm he has run since 1947, but will continue to serve as chairman.
Ashley Allen will take over as chief executive on January first.
He is currently president and chief operating officer of Milliken and Companies. He will become the first person outside the Milliken family to run the company since it was founded 140 years ago.
The news comes as some had begun to wonder how long the company could survive without the aging chief executive, given that he had not chosen a successor. Milliken turned 90 in October.
Experts say it is important that family-controlled businesses develop succession plans well before executives retire.
