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Press release from Business Wire

USG Corporation Chairman William C. Foote to Retire; Board Elects James S. Metcalf Chairman

Monday, September 26, 2011

USG Corporation Chairman William C. Foote to Retire; Board Elects James S. Metcalf Chairman08:30 EDT Monday, September 26, 2011 CHICAGO (Business Wire) -- USG Corporation (NYSE: USG), a leading building products company, announced today that its longtime Chairman, William C. Foote, will retire from the company and its Board of Directors effective December 1, 2011. The USG Board of Directors elected James S. Metcalf, USG's President and Chief Executive Officer, to the additional post of Chairman of the Board effective upon Mr. Foote's retirement. These changes complete an executive succession plan overseen by Mr. Foote and the USG Board of Directors over the past few years. Mr. Foote has served as USG's Chairman since 1996, after having been elected Chief Executive Officer in 1995 and President in 1994. Mr. Foote has nearly 27 years of service, having joined USG in 1984. The youngest chairman in USG's 109-year history, Mr. Foote successfully led the company through periods of rapid growth, severe economic contraction and a Chapter 11 bankruptcy related to legacy legal liabilities. “It has been an honor and a privilege to lead this great company for the last 15 years,” said Mr. Foote. “I have great confidence in the company's leadership team and its future. I will sincerely miss the many friendships I have developed throughout the company and the industry over the years. I will always be grateful to our Board of Directors for their steadfast support and wise counsel.” CEO and Chairman-elect Metcalf said, “It has been a pleasure to work with Bill in a variety of roles throughout my career. His vision and leadership skills have enabled USG to remain a leader in the building materials industry. The company has a solid foundation - despite the prolonged contraction in some of our key markets - as a result of Bill's sound leadership. The company is well positioned to pursue its strategy of strengthening core businesses, diversifying revenue sources and differentiating USG though innovation.” Under Foote's leadership, USG launched a large-scale modernization of its manufacturing operations in the late 1990s that added more than five billion square feet of low-cost wallboard manufacturing capacity. Foote also directed the expansion of USG's specialty distribution business, L&W Supply Corporation, which now has more than 150 locations and is the only specialty dealer of building materials with a nationwide presence. Foote successfully resolved the company's legacy asbestos liabilities and led the company through a Chapter 11 restructuring to protect shareholders from a wave of lawsuits. In 2006, USG announced an unprecedented agreement that settled all asbestos personal injury claims against the company, preserved shareholder value and repaid creditors in full — a first in any major asbestos agreement. In a Wall Street Journal article at the time USG emerged from bankruptcy, Warren Buffet called it, “the most successful managerial performance in bankruptcy that I've ever seen.” Mr. Metcalf, who joined the company in 1980 as a trainee, was elected to the USG Board of Directors in 2008 and became Chief Executive Officer effective January 1, 2011. USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, Inc., L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG's worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. USG's wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG Web site at USG CorporationMedia Inquiries: 312/436-4356Investor Relations: 312/436-4110