Prior to joining Owens-Illinois, Mr. McCracken spent nearly 30 years at DuPont, including serving most recently as President of its INVISTA(TM) subsidiary, which is the world's largest integrated fibers and intermediates business.
Mr. McCracken, 50, assumes the CEO position from Terry L. Wilkison and Thomas L. Young, who had been serving since January as Interim co-CEOs following the planned retirement of the previous CEO Joseph H. Lemieux. Mr. Lemieux will remain the Company's Chairman until its Annual Meeting in May, at which time Mr. McCracken will assume the position of Chairman of the Board.
Mr. McCracken said, "Owens-Illinois is well known for the innovation and vitality it has brought to its businesses, which is why it is the leader in the glass and plastics packaging industry. I look forward to joining the people of O-I to build on the success the Company has achieved and to further expand its market position across its businesses around the world."
Messrs. Young and Wilkison said, "We welcome Steve and pledge our fullest possible support to him as he assumes his new responsibilities. We believe that his experience should complement the Company's strategies as we increasingly focus on global efficiencies and taking advantage of our scope, scale and technological base."
Until January, Mr. McCracken served as the President of INVISTA(TM), the global textile fiber and related intermediates division of DuPont that was created in January 2001. INVISTA(TM), which had revenues of $7 billion in 2003 and more than 18,000 employees in 50 countries, is being sold to Koch Industries. Since January, Mr. McCracken has been working on special assignments for INVISTA(TM) and DuPont, where he joined in 1975 as a field engineer. During his tenure at DuPont, he has served in operations, finance, planning, marketing and business management positions throughout the U.S. and Europe, including serving as managing director of DuPont(TM) LYCRA(R) in Europe and Vice-President and General Manager of DuPont(TM) Corian(R) Surfaces, both of which achieved record growth under his leadership. He also serves on the boards of several DuPont ventures in Latin America and Asia. Mr. McCracken holds a B.S. in mechanical engineering from Rose-Hulman Institute of Technology.