Board Names Art Huge President And CEO
NEENAH, Wis….
The Board of Directors of Menasha Corporation announced today that it voted unanimously to promote Arthur W. Huge, currently corporate vice president and chief financial officer of Menasha Corporation, to the position of Menasha Corporation president and chief executive officer. The promotion is effective immediately. The board will also invite Huge to join the company’s board of directors.
“After a comprehensive search, and discussions and interviews with very qualified candidates, it became clear to us that Art is the right leader to move the company forward,” said Donald C. Shepard III, Chairman of the Menasha Corporation Board of Directors and fifth generation descendant of Elisha D. Smith, Menasha’s founder. “We appreciate what Art accomplished as our CFO. The board determined the best way to continue our transformation and restructuring process was to use Art’s significant business experience and in-depth knowledge of this company in the leadership position of president and CEO of Menasha Corporation.”
In January 2004, Menasha’s board announced leadership changes and that each of the company’s five businesses would report to a board member. The board member would provide direction for that business. An Interim Management Committee of the board was formed to ensure capital decisions and cross-business strategic issues were managed and coordinated.
As chief financial officer for Menasha throughout this period, Huge oversaw corporate efforts and made recommendations to the board resulting in cost reductions, improved sales and volume, and allocation of resources to areas of greatest opportunity. Huge also led successful efforts that created a new in-store marketing and promotions business called LeveragePoint Media, resulted in two acquisitions creating new opportunities for Menasha’s ORBIS and New Jersey Packaging businesses, and closed or sold non-performing or non-strategic assets of the company.
The board, with assistance from Huge and the company’s senior leadership team, also conducted a thorough review of each of the corporation’s five businesses and started development of a strategic plan to move Menasha Corporation forward. The board also used the strategic review process to evaluate the long-term, top-level leadership needs of the company.
“It’s a real plus for our company to have Art already on the team,” said Shepard. “Each of our businesses is unique and operates in different markets with specialized products and services. Art knows the intricacies of these companies and their markets. Combined with his proven leadership, this makes Art the right leader to continue our movement forward to achieve our long-term business and financial goals.”
Huge, 59, joined Menasha Corporation in March 2001. Prior to assuming his current position, Huge was executive vice president and chief financial officer at Walter Industries, Inc., a diversified holding company located in Tampa, Fla. Previously, he held several senior financial positions with the LTV Corporation, a Fortune 200 company, last serving as its executive vice president and chief financial officer in Cleveland, Ohio. His previous experience also includes senior financial positions with Bethlehem Steel Corporation in Bethlehem, Penn.
Huge has a bachelor’s degree in civil engineering from Union College and a master’s degree in business administration from Loyola College. Huge and his wife, Judy, reside in Appleton, Wis.
Menasha Corporation also announced it has no immediate plans to seek an executive to fill Huge’s former CFO position at its corporate office. Menasha Corporation’s existing finance department, along with the CFOs at each of the company’s five businesses, will provide the required financial direction, oversight and reporting for the company.
