Owens Corning has appointed former Freddie Mac chief executive Michael DeVito to its Board of Directors. DeVito previously led Freddie Mac and held senior housing finance roles at Wells Fargo, focusing on U.S. mortgage and consumer lending, and his background in credit risk, capital allocation and housing finance governance is expected to inform board level oversight at the building materials producer. He joins both the Audit Committee and the Finance and Technology Committee at a moment when Owens Corning has a declared quarterly dividend of $0.79 per share and carries a high level of debt alongside an income profile flagged as not fully covered by earnings. Owens Corning is a US based building materials producer with a roughly $10.0b market cap that supplies residential and commercial products across the United States, Europe and the Asia Pacific. Investors will watch how board level decisions show up in the next few reporting cycles, including any changes in capital allocation between buybacks, the $0.79 dividend and debt reduction, plus how the board frames housing related demand risk and credit conditions in commentary through 2027.
Freddie Mac
Wells Fargo & CompanyOwens Corning IncOwens Corning appoints former Freddie Mac CEO Michael DeVito to its board, a governance/capital-allocation change with no clear directional impact.
