Berkshire Hathaway Inc. (A) replaced thehead of a building-products unit with $2.5 billion in annualsales as Chief Executive Officer Warren Buffett prepares thecompany for a U.S. housing rebound.
Todd Raba, 55, will “relinquish” his position as chairmanand CEO of Johns Manville, the Denver-based company said todayin a statement. Mary Rhinehart, 54, who has served as chieffinancial officer, was named CEO, effective immediately, theunit of Omaha, Nebraska-based Berkshire said.
Raba “worked diligently during a tough economicenvironment to effectively position the company for futuresuccess,” Buffett, 82, said in the statement. Melody Dunbar, aspokeswoman for Johns Manville, declined to comment on thereason for the departure.
Rhinehart will oversee a unit with about 7,000 employeesand 45 manufacturing facilities in North America, Europe andChina. Johns Manville makes insulation and roofing and hascustomers in the aerospace, automotive and building industries.The new CEO has been with the company more than 30 years.
“I couldn’t be more enthused to have her taking on thisrole,” Buffett said.
Raba had led the insulation-maker for the past five yearsand in 2011 added the chairman title following David Sokol’sdeparture from Berkshire. Sokol, who served as chairman ofBerkshire’s energy, luxury aviation and Johns Manville units,left after disclosing that he purchased stock in Lubrizol Corp.before recommending the company as a takeover target to Buffett.
Raba had worked under Sokol at Berkshire’s MidAmericanEnergy Holdings Co. In August, he announced the acquisition ofIndustrial Insulation Group, which was previously a jointventure between Johns Manville and Calsilite Group.
‘Better Balance’
Buffett said in July that the U.S. home market wasbeginning to improve. Berkshire’s billionaire leader trackseconomic activity, in part, by studying the results of thecompany’s more than 70 operating businesses including ones thatmake paint and bricks.“It was just a question of getting households in balancewith” the supply of homes, Buffett told Bloomberg Television’sBetty Liu in a July 13 interview. “That happens in differentpaces in different parts of the country, but you have seen amuch better balance developing here in recent months. And that’swhy you’re seeing some pickup in prices.”
The paint unit, Benjamin Moore, hired Bob Merritt toreplace Denis Abrams in June. Berkshire’s CORT Business ServicesCorp., the world’s largest provider of rental furniture, hasnamed Jeff Pederson CEO, replacing Paul Arnold, who stepped downin July after a 40-year career at the company.
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