Libbey has appointed Michael Bauer as its new CEO as William Foley retires.

Its board of directors has appointed Michael P Bauer as the next Chief Executive Officer with a place on the board, effective March 25 2019.

John Orr, Lead Independent Director at Libbey, said: “The board of directors is excited to welcome Mike Bauer to Libbey Inc.

“As part of Libbey’s succession planning process, which has been underway for some time, we undertook an extensive search and our board believes that Mike is the ideal candidate to succeed Bill.”

Mr Bauer holds a BBA in Accounting from Cleveland State University and an MBA in Finance from Case Western Reserve University in Cleveland, Ohio.

He has more than 30 years of experience with leading consumer product manufacturers. Most recently, he served as president of The Master Lock Company (the Security segment of Fortune Brands Home & Security) from 2014 to 2018.

Mr Orr continued: “Mike’s extensive experience and track record of success leading strategy, growth and margin expansion in multi-channel, global consumer product organizations are a strong fit for Libbey.

“We are confident that Mike, working together with our strong management team, will help us leverage and expand upon our position as the world’s leading global glass tableware manufacturer.”

William A Foley, the manufacturer’s current CEO and Chairman of the board, will retire as CEO on March 24 2019, but remain as Executive Chairman of the board.

Mr Orr added: ”Bill has overseen a critical period in Libbey’s commercial transformation, including the creation of our highly successful and expanding e-commerce platform.

“His leadership has helped to maintain and grow our leading industry position and we want to thank Bill for his hard work and dedication. We are also glad that we’ll continue to have his insights and contributions as an on-going member of our board of directors.”

Pictured: William Foley, current CEO of Libbey.