Jeld-Wen appointed Philip Orsino as president today. The move comes a little over two weeks after Jeld-Wen announced that Onex Corp., a North American investment firm based in Toronto, would purchase a 58% stake in the company.
Jeld-Wen originally announced that Orsino would be named president following the completion on the Onex transaction, which it expected to occur by Sept. 30, but the company said today it decided not to wait "and instead appointed Orsino ahead of schedule so that he could immediately participate in key initiatives." The company did not give specifics regarding those initiatives. He will also oversee day-to-day operations and will work with the executive management team to improve Jeld-Wen's overall performance.
Rod Wendt, who has been president and CEO since 1992, will stay on as CEO. The Onex investment is expected to be completed sometime during the third quarter.
"I have known Philip for more than 25 years and it is an honor to welcome him to our executive team," said Wendt.
Orsino was president and CEO of Masonite International until 2005. Under his leadership the company grew, both organically and through acquisitions, to $2.5 billion in sales. He founded Century Door in 1983 and led the company through its 2001 acquisition of Masonite International. He also serves on the boards of companies such as Tomkins Building Products, RSI Home Products, Clairvest and the Bank of Montreal.
Jeld-Wen is considered one of the world's largest window and door manufacturers and is based in Klamath Falls, Ore.