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Formed Fiber Technologies Announces the Retirement of David MacMahon, Names Mark Bennett New President & CEO

AUBURN, ME -- Formed Fiber Technologies, Inc., (FFT) announces the retirement of long-time President and CEO David MacMahon, effective April 15,  2007.  MacMahon will become Vice Chairman of the FFT Board of Directors, focusing on strategic issues.  Mark Bennett has been named to succeed MacMahon as President & CEO.

Citing a desire to spend more time with family, MacMahon had been planning his retirement for some time and decided now is a good point in the company’s growth for him to step back from the day-to-day operations.

MacMahon has led FFT (formerly Gates Formed-Fibre Products, Inc. - GFFP) since its inception.  Under his leadership, the company grew from a small, venture enterprise to the leading manufacturer of automotive trunk trim systems.  

In 2003, GFFP was acquired by Morgenthaler Partners, a middle-market private equity firm and renamed Formed Fiber Technologies, Inc.  FFT doubled in size over the last five years and today has annual sales of over $150 million and 1,000 associates at manufacturing facilities in Maine, Ohio, and South Carolina.

Bennett has over 24 years experience in the automotive industry.  Since 1999, he has been President  and CEO with McKechnie Vehicle Components.   He began his career as a Material Handling Manager with Arrow Molded Plastics, and advanced rapidly to Plant Manager.   A native of Maine, he received a bachelor's degree in Production & Operations Management from Ohio State University.

FFT Chairman Fred Festa said the company’s board of directors strongly supports Bennett and the FFT management team, and is confident the company is in good hands.  “Mark knows the automotive supply business, personifies our company’s values, and has a hands-on management style.  His extensive manufacturing and management experience will make him an ideal leader.“

Commenting on his appointment, Bennett said, "Thanks to David’s guidance, FFT is very well positioned in the automotive interiors market.  I am excited about this opportunity to lead FFT into the future.”

For more information about FFT, visit www.formedfiber.com

For more information about Morgenthaler Partners, visit www.morgenthaler.com


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