O-I Renews Contract With CEO Stroucken

Oct 26, 2011, 16:02 ET from Owens-Illinois, Inc.

PERRYSBURG, Ohio, Oct. 26, 2011 /PRNewswire/ -- Owens-Illinois, Inc. (NYSE: OI), the world's largest glass packaging maker, has renewed its contract with CEO and Chairman Al Stroucken. The terms of the agreement extend O-I's relationship with Stroucken through June 30, 2016.

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"Under Al's leadership, O-I is transforming into a more innovative, market-driven and financially stronger company," said Corbin McNeill, lead director and chair of the nominating/corporate governance committee of O-I's Board of Directors. "He is the right person to continue leading change at O-I. There is still much to be done, and we are confident that Al and his leadership team can successfully execute on the strategies they have set for the company."  

Stroucken was appointed CEO and Chairman in 2007, and has served as a member of O-I's board of directors since 2005.

About O-I

Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container manufacturer and preferred partner for many of the world's leading food and beverage brands. With revenues of $6.6 billion in 2010, the company is headquartered in Perrysburg, Ohio, USA, and employs more than 24,000 people at 81 plants in 21 countries. O-I delivers safe, effective and sustainable glass packaging solutions to a growing global marketplace. For more information, visit www.o-i.com

SOURCE Owens-Illinois, Inc.