AUBURN HILLS, Mich., July 13 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), one of the nation's leading housing
manufacturers, today announced that William C. Griffiths has been named
President and Chief Executive Officer. Mr. Griffiths, who most recently
served as President of the Fluid Systems Division of SPX Corporation
(NYSE: SPW), will join Champion on August 1, 2004. He succeeds Albert A.
Koch, of AlixPartners, LLC, who has served as interim President and CEO, as
well as Chairman, of Champion since June 2003.
Mr. Griffiths, 52, is a seasoned executive with more than 20 years of
experience running large, international manufacturing operations. He has been
charged by Champion's Board of Directors with building on the considerable
financial and operational progress that has been achieved in the past year and
focusing the company on long-term profitable growth.
Robert W. Anestis, Chairman of the Champion Board's Compensation and Human
Resources Committee, said, "After a thorough search process, we have concluded
that Bill Griffiths is the right person to lead Champion into the future. We
believe his in-depth operating experience at large, diverse manufacturing
companies, strong leadership skills and fresh perspective will prove
invaluable as the company continues to confront new challenges in a rapidly
changing and increasingly competitive business environment. He will build on
the groundwork that has been laid by Champion's management team and employees
in distinguishing Champion as a high-value and innovative provider in the
manufactured housing industry."
"I am very excited about the opportunities that lie ahead for Champion as
a leader in the manufactured housing industry," Mr. Griffiths said. "Having
successfully weathered a difficult downturn, Champion is well-positioned to
benefit as the industry continues to improve. My objective will be to
accelerate the positive momentum and energy that has been generated at
Champion in recent months and position the company for long-term success."
The past year has been a time of tremendous change at Champion. Following
Mr. Koch's appointment as interim President and CEO last summer, the company
closed manufacturing plants and retail locations to appropriately size the
company, exited the consumer lending business, and reduced its net debt by
approximately 50%. More recently, Champion has focused on increasing its
independent distribution, completing a purchasing initiative that will reduce
the cost of manufacturing materials, and improving quality and service.
Champion expects to report a profitable second quarter when results are
announced on Friday, July 23.
Selwyn Isakow, a Champion director since 1991, will become non-executive
chairman of the Champion Board on August 1, 2004, at the same time that Mr.
Griffiths joins the Board. Mr. Isakow is Chairman, President and Chief
Executive Officer of The Oxford Investment Group, Inc. and Chairman of
Bloomfield Hills Bancorp, both headquartered in Bloomfield Hills, Michigan.
Mr. Isakow said, "We are very grateful for the many contributions made by
Al Koch and the support provided by his colleagues in the Performance
Improvement Group at AlixPartners over the past year. When Al joined Champion
last summer, his mandate from the Board was to accelerate the pace of change
at the company and return it to profitability. Since then, under Al's capable
leadership, Champion has taken important steps to strengthen operations that
have led to positive trends, reduce its cost structure, improve its financial
results and balance sheet, and enhance its competitive position. Thanks to
these efforts, the company is well-positioned as a leader in the manufactured
housing industry."
Mr. Koch said: "I am very proud of what the people of Champion have
accomplished by pulling together to achieve our shared goals during the past
year. We have made excellent progress in a number of critical areas, and I am
confident that the company will be in very good hands and has a bright
future."
Mr. Griffiths assumed his responsibilities as president of the Fluid
Systems Division in 1998 when the business was owned by United Dominion
Industries, and remained in the position after United Dominion was acquired by
SPX Corporation in 2001. The Fluid Systems Division is an autonomous,
multicultural business with more than 4,300 employees. Before being named
President of Fluid Systems, he served as President of United Dominion's
Waukesha Cherry-Burrell unit in Delavan, Wisconsin. He previously has served
as President of CSMI, Inc. and President and Chief Executive Officer of Cygnus
Industries, Inc. A graduate of the University of London in England, early in
his career Mr. Griffiths held positions in engineering and marketing
capacities at multinational companies.
About Champion Enterprises
Champion Enterprises, Inc., headquartered in Auburn Hills, Michigan, is
one of the industry's leading manufacturers and has produced over 1.6 million
homes since the company was founded. The company operates 29 homebuilding
facilities in 14 states and two Canadian provinces and 79 retail locations in
21 states. Independent retailers, including more than 800 Champion Home
Center locations, and approximately 500 builders and developers also sell
Champion-built homes. Further information can be found at the company's
website, http://www.championhomes.net.
Safe Harbor Statement
This news release contains certain statements, including statements
regarding operational strategy, cost reduction, profitability and competitive
position that could be construed to be forward looking statements within the
meaning of the Securities and Exchange Act of 1934. These statements reflect
the company's views with respect to future plans and events. The company does
not undertake any obligation to update the information contained herein, which
speaks only as of the date of this press release. The company has identified
certain risk factors which could cause actual results and plans to differ
substantially from those included in the forward looking statements. These
factors are discussed in the company's most recently filed Form 10-K, and
those discussions regarding risk factors are incorporated herein by reference.
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.net
Company News On-Call:
http://www.prnewswire.com/comp/110861.html
CONTACT:
Investors - Phyllis Knight, Chief Financial
Officer, +1-248-340-9090, or Colleen Bauman, VP, Investor
Relations, +1-248-340-7731, both for Champion Enterprises, Inc.;
or Media - Mark Semer or Michael Freitag, both of Kekst and
Company for Champion Enterprises, Inc., +1-212-521-4800
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