Company: Libbey Inc., Toledo, OH
Entry Submitted By: Reputation Partners
Company Description: Libbey Inc. is the leading producer of glass tableware products in the Western Hemisphere, in addition to supplying key markets throughout the world. In existence since 1818, Libbey has the largest manufacturing, distribution, and service network among North American glass tableware manufacturers. Libbey employs over 7,400 people worldwide.
Nomination Category: Management Awards Categories
Nomination Sub Category: Executive of the Year - Manufacturing

Nomination Title: Stephanie A. Streeter, Chief Executive Officer

Tell the story about what this nominee achieved since January 1 2012 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention  obstacles overcome, innovations or discoveries made, and outcomes:

It is surprisingly uncommon, even today, to find a female in the C-suite of a manufacturing company. And, it’s quite an accomplishment to be a female CEO being brought in to develop and execute a major corporate transformation.

That’s the task Libbey Inc. (NYSE: LBY) CEO Stephanie Streeter has embraced. When she joined Libbey, one of the largest glass tableware manufacturers in the world, in August 2011 she approached the 194-year-old business with a fresh set of eyes. Under her direction, the management team began review of the company’s financial profile, the markets and channels in which it competes, and the relative attractiveness, cost position, customer buying behavior and opportunities for growth. At that point, it was clear Libbey needed to be more efficient and better leverage its strengths. 

The result of this analysis was the development of a strategic plan for transforming the company (“Libbey 2015”), which is being led by Streeter. As a part of the transformation, the company is focused on increasing its manufacturing efficiencies, better leveraging key service areas of the business, improving customer service and reducing costs while increasing profitability and improving cash flow.

Another part of Libbey 2015 includes changing from a global functional organization to a regionally-focused leadership structure that allows the company to better serve its customers across the world. The company is now organized into three regions: the Americas, EMEA (Europe, Middle East and Africa), and Asia Pacific. Further, Libbey is accelerating its growth in China.

Under Streeter’s leadership, the company is aggressively expanding its sales force in specific channels and is focusing on an operational development plan to improve costs, increase capacity and enhance its technical capabilities.

Under Streeter’s direction the company is well underway with its successful turnaround. On an annual basis, the company delivered four strong quarters realizing records in sales, income from operations and adjusted EBITDA. For the year, sales were $825.3 million, compared to $817.1 million for 2011 and income from operations grew 28.1 percent while adjusted EBITDA increased 17.1 percent to a record $132.4 million compared to $113.1 million for 2011. With Streeter at the helm, the value of the Company’s shares has increased 50 percent over the last 52 weeks.

Prior to joining Libbey, Streeter was a member of the United States Olympic Committee board of directors and was interim chief executive officer of the organization from March 2009 to March 2010. Prior to that, she was chairman, president, and CEO of Banta Corp., a publicly held printing and supply-chain management company.

She also serves as a member of the following Boards of Directors: The Goodyear Tire & Rubber Company since 2008, Kohl's Corporation since 2007, and Catalyst, a leading nonprofit organization with a mission to expand opportunities for women in business, since 2005. In 2013 she joined the Board at the Toledo Museum of Art, founded by Edward Drummond Libbey in 1901. 
 
As a former starter of Stanford University's women's basketball team, and captain both her junior and senior years, Streeter’s leadership is evident both on and off the court. In addition to her busy professional life, Streeter is married and raising twins in Toledo, Ohio.

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Mrs. Streeter has been Chief Executive Officer since August 1, 2011. Appointed by the United States Olympic Committee Board of Directors, on which she served from 2004 until 2009, Ms. Streeter served as interim Chief Executive Officer of the United States Olympic Committee from March 2009 to March 2010. Prior to that, Ms. Streeter was Chairman, President and CEO of Banta Corporation. She served as CEO of Banta from 2002 to 2007. Mrs. Streeter currently serves on the Boards of Directors of the Goodyear Tire and Rubber Company (NYSE:GT), Kohl’s Corporation (NYSE:KSS), and Catalyst (a premier non-profit working to expand opportunities for women in business).