NEW YORK — Following the news Thursday that Steve McCracken was resigning his post as president and chief executive officer of Invista, DuPont and Koch Industries Inc. named a new group of executives who will be leading the business after it is sold.
This story first appeared in the January 26, 2004 issue of WWD. Subscribe Today.
They are DuPont’s Bill Ghitis, David Trerotola, Kenneth Wall and Alan Wolk and Koch’s Kevin Fogartyand Gerold Linzbach. All six executives will report to JeffWalker, a Koch veteran who is to serve as Invista’s chairmanand ceo. Koch is expected to close on its $4.4 billiondeal to acquire Invista by the end of March.
Ghitis said he will continue as president of Invista’s apparel business.
“These guys are obviously interested in the Invista business,” Ghitis said Friday at the Salon International trade show in Paris. “They wouldn’t have bought it otherwise.”
Trerotola, who currently heads Invista’s home and industrial textiles business, will take the helm of Invista’s performance fibers business, which includes industrial, military and other products. Wall will continue to oversee Invista’s intermediates unit. Wolk will continue to oversee Invista’s interiors unit.
Fogarty currently serves as president of the polymer and intermediates business of Koch’s KoSa polyester unit and Linzbach serves as president of KoSa’s fibers group.
A Koch spokeswoman said Fogarty’s and Linzbach’s exact duties, as well as titles for Trerotola, Wall and Wolk, remain to be determined.
“We are very confident that this leadership team is going to help make Invista a strong and profitable company,” she said.
The companies also sketched out relocation plans forInvista’s operations. The apparel business will be locatedin the area of Wilmington, Del., where DuPont is based, orperhaps Philadelphia or New Jersey. Intermediates, polymerand resin will move to Wichita, Kan., where Koch is based. The interiors unit will be based in Atlanta.