Masco Corp., the Taylor, Mich.-based company whose brands include Delta faucets, Behr paints, and Kraftmaid cabinetry, reported today that executive vice president and COO Donald J. DeMarie Jr. had left the company effective Nov. 4.
"The company and Mr. DeMarie are working together to assure a smooth transition following Mr. DeMarie’s departure," Masco said in an SEC filing.
DeMarie left just 11 days after Masco revealed its operating profit for North America grew by just $1 million from a year prior to total $80 million in the July-September quarter, while net sales edged down by $4 million to reach $1.524 billion. Meanwhile, a 12% rise in the dollar value of sales outside North America (even though they only grew 4% in local currencies) enabled company-wide sales to rise 3% to $2.006 billion, operating profit to hold steady at $102 million, and net profit attributable to the company to swing to a $36 million profit in this year's third quarter from a $5 million loss a year before. Reductions in both general and income-tax expenses helped generate the swing.
Masco also revealed then that in October, after the third quarter closed, it closed "multiple facilities" and "identified four businesses within the Installation and Other Services segment for divestiture." Those unidentified firms were focused on such noncore diversified products as framing, commercial drywall installation, and millwork.