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USG names James Metcalf CEO

USG Corp., the largest U.S. maker of gypsum wallboard, said James S. Metcalf will take over as chief executive officer from William C. Foote on Jan. 1 as the company tries to reverse 11 consecutive quarters of losses.

Metcalf, 52, who joined the sales force in 1980, has been president and chief operating officer of Chicago-based USG for the last four years, the company said in a statement. Foote, who is 59 years old and has been CEO for 15 years, will continue as chairman. Get the full story »

Buffett play drives up USG shares

From | USG stock jumped following a disclosure that billionaire Omaha investor Warren Buffett’s Berkshire Hathaway has made a major investment stake.

Moody’s downgrades USG ratings

Moody’s Investors Services lowered two credit ratings for building materials company USG Corp. Thursday, citing a dim outlook for the building sector.

Moody’s lowered its corporate family and probability of default ratings for USG to “Caa1″ from “B3.” It also downgraded guaranteed senior unsecured notes due 2014 to “B2″ from “B1″ and other senior unsecured debt to “Caa2″ from “Caa1.” Get the full story »