FXI Names John Cowles President and Chief Executive Officer

MEDIA, Pa.--(BUSINESS WIRE)--FXI, a foam-based solutions company, announced today that its Board of Directors has named John Cowles President & Chief Executive Officer of the Company and a member of the Board of Directors, effective immediately. Jack Johnson is retiring after six years and two tours of duty but will remain on the Board as Non-Executive Chairman.

“We wish Jack well in retirement and look forward to having him remain on the Board of Directors.”

“On behalf of the Board, I would like to welcome John to FXI,” said Jack Johnson, outgoing FXI President & Chief Executive Officer. “John is a proven leader who brings to FXI an ideal combination of skills and experience. We are confident that FXI will greatly benefit from his supply chain, innovation and general industry experience as we continue to focus on driving enterprise value through growth and new business development.”

Mr. Cowles said, “FXI is an established leader in the polyurethane foam manufacturing industry, and I am very pleased to be joining the Company. I look forward to leading FXI through its next phase of growth and driving its strategic vision of being a market-focused provider of polyurethane foam-based solutions, healthcare foams and specialty comfort products. I am extremely excited by this opportunity and look forward to working with the entire FXI team to realize the enormous potential that exists at FXI.”

“I would like to recognize and thank Jack Johnson who led FXI through a restructuring and helped position the Company for short- and long-term success,” said Greg Ethridge a Partner of MatlinPatterson Global Advisers LLC, FXI’s majority sponsor. “We wish Jack well in retirement and look forward to having him remain on the Board of Directors.”

Most recently Mr. Cowles was CEO of Touchstone Wireless where he led the Company to become a fast growing organization with strong profitability through supply chain transformation and strong customer focus. Prior to his time at Touchstone, Mr. Cowles was President at George Weston Bakeries of Horsham, Pa., where he transformed the supply chain, accelerated innovation and improved communication leveraging icon brands of Arnold Natural and Thomas. Mr. Cowles also served as Executive Vice President and General Manager for Kraft Foods where he ran the Beverage, Cookies, Confections and Condiments businesses. Mr. Cowles also worked for 9 years at Campbell Soup Company where he led organizations in Asia Pacific and the U.S. Mr. Cowles began his career at Booz, Allen & Hamilton, Inc.

Mr. Cowles received an MBA from Harvard Graduate School of Business and a B.S. in industrial engineering from Cornell University. Mr. Cowles resides in Wayne, Pa. with his wife and children.

ABOUT FXI

FXI is a leading producer of innovative foam products for the Home, Healthcare, Electronics, Industrial, Personal Care and Transportation markets. Products include finished goods, sub-assemblies, services and raw materials for OEMs, fabricators and retailers. FXI innovations and products provide comfort for automobile passengers and protect fragile electronic components in shipment. Our products help consumers sleep sounder and furniture manufacturers create comfort. From mattresses to carpet cushioning, we offer an array of products to meet the needs of a diverse marketplace. Our products provide for sharper images in digital printers and copiers, help consumers keep their homes clean and dryer. Our products provide critical components for filters, dispensers, gaskets and seals in everything from blood oxygenators to computer disk drives. For more information, please visit www.fxi.com.