TOLEDO, Ohio, April 18 /PRNewswire-FirstCall/ -- Owens Corning (NYSE: OC)today announced that the company's President and Chief Executive Officer Dave Brown plans to retire in 2007. Upon his retirement, Mr. Brown will be succeeded by Mike Thaman , who currently serves as Chairman of the Board and chief financial officer. A search for Mr. Thaman 's successor as chief financial officer is underway. In his new role, Mr. Thaman will retain the title and responsibilities of Chairman of the Board.

"Mike has been my business partner for the past five years and an integral part of our success," said Brown. "He is the ideal person to lead Owens Corning into the future. He knows the customers we serve around the world and our employees who deliver the products and services that make Owens Corning such a respected name."

Mr. Brown , 58, has served as Owens Corning president and chief executive officer since 2002. Prior to that appointment, he served as chief operating officer with responsibility for the company's operating businesses worldwide.

Under Mr. Brown 's leadership, Owens Corning strengthened its financial performance, generated record sales, successfully navigated through asbestos-related Chapter 11 and improved its safety incident rate by 70 percent. He focused Owens Corning's business portfolio and positioned the company for continued profitable growth.

Mr. Brown joined Owens Corning in 1978. He was named vice president and president of the Roofing and Asphalt business in the early 1990s and is credited with strengthening that business's performance.