The board of directors of Propex Inc. has appointed Woody McGee interim president and CEO of Propex. Mr. McGee is a seasoned executive consultant with Cerberus Capital Management, L.P. and has extensive experience in executive management and the restructuring of companies in a variety of industries domestically and internationally. Mr. McGee's most recent assignment was helping Global Home Products, a $550 million consumer products manufacturer and importer, successfully emerge from Chapter 11. Prior to Mr. McGee's relationship with Cerberus Capital Management, L.P. his career spanned 30 years with Litton Industries Inc. and Telxon Corporation.
"I am truly excited to be joining Propex at this challenging time," said Mr. McGee, president and CEO. "My focus will be to work with the entire Propex team to best position the company to grow and prosper in the current marketplace while getting ready to capitalize on our future beyond Chapter 11."
Mr. McGee replaces Joseph Dana who is retiring after more than 20 years of service to the Propex and Synthetic Industries families. At the request of the board, Mr. McGee will continue to provide the company with advice and counsel.