On Oct. 24, 2002, CEO Dave Brown rolled out to salary employees the new Performance Base Compensation Program. This plan was presented to Owens Corning's Board of Directors for approval. He provided context around the process used to analyze the company's RONA-generating business segments and outlined the framework for turning our performance around to create a breakthrough enterprise.

The Compensation/Performance Program is designed to attract, retain and motivate people in a cost effective manner and link pay to performance in an effort to improve overall quality and results. “The sales division will not be regulated by this new program”, said Brown. However, this program will only payout if the entire company as a whole meets its target.

With the announcement of the new program, all propose pay merit raises were frozen immediately and the implementation of the new plan would go forth year

§ Choice and Flexibility – two ways to seek coverage: in or out of network

In recent weeks, our bank creditors (including the Official Committee of Unsecured Creditors) have generated significant litigation activity in our Chapter 11. The reason that they have become more active is simple - they do not like the recovery that is provided to them under the terms of our Plan of Reorganization. "Recovery" means the amount that each creditor will be paid on their claim when we emerge from Chapter 11.

The Toledo Blade reported the extravagance of the company after filing bankruptcy. “With a $28 million price tag and the capacity to fly from Toledo to Moscow without refueling, the Falcon 900EX is the star of Owens Corning’s fleet.” Under the federal bankruptcy laws the company has been able to re-negotiate or void leases altogether from our surplus warehouses to our luxury style headquarters located on the Toledo riverfront.

Some topics in this essay:
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