Former Freddie Mac CEO Michael DeVito Joins Owens Corning Board of Directors

Michael DeVito, a prominent figure in the U.S. housing finance sector, has been appointed to the board of directors at Owens Corning, a global leader in the building and construction materials industry. Owens Corning, a Fortune 500 company headquartered in Toledo, Ohio, is renowned for its extensive portfolio of products including insulation, roofing, and fiberglass composite materials, serving both residential and commercial construction markets across more than 33 countries with a workforce of approximately 20,000 employees.

DeVito's appointment brings a wealth of experience from his recent role as Chief Executive Officer of Freddie Mac, a position he held from 2021 to 2023. Freddie Mac, officially known as the Federal Home Loan Mortgage Corporation, is a government-chartered, publicly traded corporation that plays a critical role in the U.S. housing finance system. Its primary mission is to provide liquidity, affordability, and stability to the nation's mortgage markets, facilitating homeownership for millions of Americans. During his tenure, DeVito navigated Freddie Mac through dynamic market conditions and oversaw significant operational and strategic initiatives, demonstrating strong leadership capabilities in a complex and highly regulated environment.

At Owens Corning, DeVito will contribute his expertise by serving on two key board committees: the Audit and Finance Committee and the Technology Committee. The Audit and Finance Committee is tasked with the crucial responsibility of overseeing the company's financial reporting accuracy, the robustness of its internal controls, and the integrity of its audit processes. This ensures that Owens Corning maintains high standards of financial transparency and compliance. Concurrently, his involvement in the Technology Committee will focus on guiding the company's technological strategy, fostering innovation, and driving its digital transformation efforts. In the contemporary building materials sector, a forward-thinking approach to technology is paramount for enhancing operational efficiencies, developing new product solutions, and maintaining a competitive edge in the global marketplace.

The addition of DeVito to the board underscores Owens Corning's strategic commitment to bolstering its leadership team with individuals possessing diverse and relevant expertise. His background in financial services, particularly at an institution as significant as Freddie Mac, is expected to provide invaluable strategic insights and robust governance oversight. This move signals Owens Corning's dedication to sustained growth, innovation, and operational excellence as it continues to serve the evolving needs of the construction industry worldwide.