Georgia Gulf Corp. (GGC), the largest North American producer of vinyl construction products, appointed Paul Carrico chief executive officer to succeed Ed Schmitt as the company reported a 2007 loss of $266 million.
Carrico, 57, also will serve as a director, and his appointments are immediate, Atlanta-based Georgia Gulf said today in a statement. Schmitt resigned from the board of directors and will continue as an adviser until he retires in July, the company said. Director Patrick Fleming was named chairman.
Schmitt, who served as CEO, chairman, and president for a decade, led the acquisition of building-products maker Royal Group Technologies Inc. in 2006, just as the U.S. housing market began to weaken. The company today separately reported its fifth straight quarterly loss since the Royal Group acquisition.
Carrico joined Georgia Gulf in 1999 and has served as vice president of the chemical and vinyls unit and a vice president of the polymer group. He previously was a general manager at Condea Vista, which Georgia Gulf acquired. He has master's degrees in management from the Massachusetts Institute of Technology and in chemical engineering from the University of Louisville.
Georgia Gulf said it retained Heidrick & Struggles International Inc. in October to conduct an internal and external search for Schmitt's successor.
The company said today in a separate statement that its fourth-quarter loss, excluding some items, narrowed to $19.5 million, or 57 cents a share, from $35.7 million, or $1.05, a year earlier. The average estimate of eight analysts in a Bloomberg survey was for a loss of 26 cents a share.
The company's net loss in the quarter was $227.3 million, or $6.62 a share, including asset impairment charges and allowances against deferred tax assets in Canada.
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