TOLEDO, Ohio (AP) — Owens Corning said Thursday its board named company executive Michael C. McMurray to replace Duncan J. Palmer as chief financial officer for the construction and industrial-materials maker.
The Toledo, Ohio, company said Palmer left Owens Corning to join Reed Elsevier Plc, a British-based data provider.
McMurray, who also was named senior vice president, joined Owens Corning in 2008 from Royal Dutch Shell. At Owens Corning, he has served as vice president of investor relations, treasurer and vice president and finance leader of the company's building materials group.
Earlier this month, Owens Corning said its net income sank by half to $39 million in the second quarter, as sales softened and expenses rose. Revenue also fell 4 percent to $1.39 billion.
The company said it expects earnings to improve in the second half of the year. But management also said it no longer expects adjusted earnings before interest and taxes to grow this year, citing a weaker outlook for its roofing segment.