Walter Industries Inc. announced in early March executive changes to prepare for a strategic realignment of its businesses. As previously announced, the company has submitted an S-1 filing to the Securities and Exchange Commission for an initial public offering (IPO) of the company's Water Products Business (Mueller, Anvil and U.S. Pipe). The company intends to spin off the Water Products Business approximately six months after the IPO by distributing its stock to company shareholders. In its evaluation of strategic alternatives, the board and management team have also begun and will continue an analysis of the potential spin-off of the Homebuilding and Financing business to Walter Industries shareholders.
In light of these strategic considerations, the company announced the following immediate and future changes in its organizational structure:
Gregory Hyland, chairman, president and CEO of Walter Industries, will continue in his role with Walter Industries until the spin-off of the Water Products Business. At that time he will lead the Water Products Business as chairman, president and CEO. William Ohrt, CFO of Walter Industries, will remain in his current role with the company.
Effective immediately, Mark O'Brien, currently an independent member of Walter Industries' board of directors, will become chairman and CEO of the company's Homes Business (consisting of its Homebuilding and Financing segments). Prior to his retirement in 2003, he was CEO of Pulte Homes Inc., where he served in various capacities for 21 years.
George Richmond, currently president and chief operating officer of Walter Industries' Natural Resources segment, has been given the title chief executive officer - Jim Walter Resources and will continue to report to Gregory Hyland.
After the spin-off of the Water Products Business, Michael Tokarz, a member of Walter Industries' board of directors, will become non-executive chairman of Walter Industries. Also at that time Victor Patrick, currently general counsel, will become an executive officer and vice chairman of Walter Industries.
Walter Industries Inc. is a diversified company with annual revenues of approximately $3.0 billion. Based in Tampa, FL, the company employs approximately 10,000 people.