Cleaning & Restoration Breaking News

Mohawk Industries Announces Jeff Lorberbaum Assumes Role of Chairman

CALHOUN, Ga., May 19 /PRNewswire-FirstCall/ -- Mohawk Industries, Inc. today announced the promotion of Jeffrey S. Lorberbaum, President and CEO, to Chairman of the Board with the resignation of David L. Kolb from the Chairman position.

Lorberbaum will continue his role as President and CEO. Kolb was re-elected as a Board member at the Company's annual meeting today for a three-year term.

In commenting on Kolb's tenure with Mohawk, Lorberbaum, stated, "Dave has made tremendous contributions to our growth and success for nearly a quarter century. He joined the Company in 1980 to take over as president of Mohawk Carpet, which was losing money and struggling as a weak competitor. Dave has led Mohawk in its growth from a small $200 million revenue company to the leader in the floorcovering industry with annual sales in excess of $5 billion. Under Dave's leadership, Mohawk was spun off from its parent company in an LBO transaction and turned in a strong performance for three years as a private company. In 1992, he took the company public in an IPO and began to lead the consolidation of the floorcovering industry with twelve acquisitions over the course of eight years. After Dave retired as CEO to continue serving as Chairman in December 2000, the company continued its strong growth both through acquisitions and organically with his strategic emphasis.

"Dave has truly changed the company and the industry with his vision, strategy and hard work. I want to personally thank and congratulate him for his achievements and contributions for Mohawk. We look forward to his continued role with the company as an active member of the Board of Directors."

Mohawk is a leading supplier of flooring for both residential and commercial applications.

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