Invista executive team begins to take shape

Jeff Walker will become chairman and chief executive officer of Invista upon completion of its acquisition by Koch Industries.

Steve McCracken, currently president of Invista, will remain president and add responsibilities as chief operating officer.

The acquisition is expected to be completed during the first half of 2004.

DuPont agreed to sell its former DuPont Textiles & Interiors business (now Invista) last month to Koch for $4.4 billion.

Under the plan, Koch's fiber business, KoSa, will be merged into Invista and Invista will become part of Koch.

No decisions have been made about where Invista, currently based in Wilmington, DE, with domestic offices also in Charlotte, N.C., will be based. KoSa also is based in Charlotte.

Walker and McCracken will be joined on the board by Koch Inds. executives: Charles Koch, chairman and ceo; Joe Moeller, president and coo; Bill Caffey, executive vp; Rich Fink, executive vp; Steve Fellmeier, cfo and John Pittenger, senior vp.

Upon closing, George Gregory, currently president and ceo of KoSa B.V., will become an Invista senior vp, reporting to Walker.

In October, KoSa named Gerald Linzbach president, fibers. Company officials did not comment on his position in the new organization.

Walker, a veteran Koch executive, is currently president of Koch Nitrogen Co.

McCracken, the only Invista executive named to the new board, is a 28-year DuPont executive and was instrumental in positioning the business for strategic development globally.

Additional members of the leadership team and organizational decisions will be announced in coming weeks.

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