Georgia Gulf Names President, CEO

Ed Schmitt, who has served as chairman, president and CEO of Georgia Gulf since 1998, will serve in an advisory role until July and then retire. He has resigned from the board.

The company said both external and internal candidates were considered in the CEO search process, which was led by Fleming, an independent board member and chair of the compensation committee. In October 2007, Georgia Gulf retained Heidrick and Struggles to conduct a search for a successor to Schmitt.

Carrico, 57, joined the company in 1999 and has served as vice president of chemicals and vinyls since October 2006 and vice president of polymer group from May 2005 until October 2006.

Fleming has been a Georgia Gulf director since 2000, and previously was CEO of Calortex, a joint venture between Texaco, Calor Gas and Nuon International.

"Separation of the Chairman and CEOs role will serve to enhance corporate governance," Fleming said in a statement.

Shares fell $1.04, or 14 percent, to close earlier at $6.31.