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USG Corp. has announced that chairman William Foote will retire from the company and its board of directors, effective Dec. 1, 2011. The board has elected James Metcalf, USG's president and CEO, to the post of chairman of the board, effective upon Foote's retirement.
Foote, who joined USG in 1984, served as USG's chairman since 1996, after having been elected CEO in 1995 and president in 1994.
"It has been an honor and a privilege to lead this great company for the last 15 years," Foote said. "I have great confidence in the company's leadership team and its future. I will sincerely miss the many friendships I have developed throughout the company and the industry over the years. I will always be grateful to our board of directors for their steadfast support and wise counsel."
Under Foote’s leadership, he resolved the company's legacy asbestos liabilities and led USG through a Chapter 11 restructuring to protect shareholders from lawsuits. During his tenure, the company also launched a large-scale modernization of its manufacturing operations in the late 1990s that added more than five billion sq. ft. of low-cost wallboard manufacturing capacity. Foote also directed the expansion of USG's specialty distribution business, L&W Supply Corp.
Metcalf, who joined the company in 1980, was elected to the USG board in 2008 and became CEO January 2011.