The board of directors of Congoleum today announced that Robert Moran will be replacing Roger Marcus as CEO of the company. Marcus’ contract expires June 30, but it was unclear at press time as to when the actual transition will occur. Moran has reportedly already started with the company.
Moran most recently served as operating advisor at Building Industry Partners. He also has been CEO of Nautic Global Group, the fourth largest North American producer of aluminum and fiberglass boats from 15 to 42 feet, and California-based Eurodesign Cabinets.
Congoleum had been owned by the Marcus family since 1993 when it merged with Amtico, started by Marcus’ father in the 1950s. But in 2010, when the company emerged from a seven-year bankruptcy as it sought protection from asbestos claimants, ownership of the company was transferred to bondholders and current and future asbestos litigation plaintiffs. Under the plan, the company gave 50.1% of the stock to a trust set up for the benefit of holders of asbestos personal injury claims. The remaining stock went to holders of senior note claims.