Foamex appoints ex-Mississippi governor to replace Cogan on board
By Furniture Today Staff -- Furniture Today, February 16, 2004
LINWOOD, Pa. — Foam supplier Foamex has named former Mississippi Gov. Raymond Mabus as its non-executive board chairman, replacing Marshall Cogan, who left by what the company said was mutual agreement.
Foamex said it will take a one-time charge of about $1.4 million this quarter in connection with Cogan's separation, to be offset by amounts accrued under the retirement provisions of his employment agreement.
Mabus, 55, a director of Foamex since August 2000, said the "board and management continue to revitalize Foamex…. In addition, the board is reaffirming its commitment to strong corporate governance, ensuring the consistency of its performance and maintaining investor confidence."
Foamex reported a net loss of $18 million for the first nine months of last year and had posted annual losses in 2002 and 2001.
Mabus was governor of Mississippi from 1988 to 1992 and was U.S. ambassador to Saudi Arabia from 1994 to 1996. In addition to his Foamex duties, he is a director of Kroll Inc. and manages his family's timber business.
