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Armstrong CEO To Resign

Flooring and building products maker said CEO and chairman Michael D. Lockhart is stepping down at the end of the month.

LANCASTER, Pa. (AP) -- The CEO and chairman of Armstrong World Industries is stepping down, the flooring and building products maker said Friday.

James J. O'Connor, Armstrong's lead independent director, will take over as chairman when Michael D. Lockhart leaves at the end of the month.

"The Board and Mike agreed that this was the right time to look for new leadership to take the company into its next phase of growth," O'Connor said.

O'Connor, who has served on the company's board since 2007, will lead the search for a new CEO.

Messages left with the company seeking further comment were not immediately returned Friday.

Lockhart has been CEO at Armstrong World Industries Inc. for nearly a decade. He led the company out of bankruptcy protection, which was brought on by asbestos lawsuits related to an insulation product the company sold in the 1960s.