William W. "Bill" Boeschenstein

1925 - 2017

(News story) William W. "Bill" Boeschenstein, the former president, chief executive officer, and board chairman of Owens Corning who led the Fortune 500 company through a 1986 hostile takeover attempt, died Saturday in Jupiter Medical Center in Hobe Sound, Fla.

Mr. Boeschenstein, 91, died from an apparent heart attack after collapsing while playing golf at Jupiter Island Club, said Stephen Boeschenstein, the youngest of Mr. Boeschenstein's four sons.

"He was playing golf, which was something he loved to do," his son said. "He was actually trying to re-engineer his swing. He was dissatisfied with his performance. He was always working on his golf game."

Mr. Boeschenstein went to work for OC in 1950, following the path of his father, Harold Boeschenstein, who founded the company in 1938. The elder Boeschenstein was OC's first executive officer and retired as chairman in 1967 and as a director in 1971.

Together, the father and son led the company for nearly two-thirds of its almost 80-year history. The elder Mr. Boeschenstein died in 1972.

Mr. Boeschenstein was born Sept. 7, 1925.

He served as a lieutenant in the Army Air Force in World Word II and then graduated from Yale University in 1950 with a degree in industrial administration. He began his career as an executive trainee at OC but soon moved onto a variety of sales and marketing jobs.

He served as chief executive officer from 1973 to 1990 and chairman from 1981 to 1990 - an era marked by growth, change, and challenges.

The company reported its annual sales grew from about $615 million to about $3 billion during his tenure.

"Bill's strong values and commitment to integrity created a culture that is still thriving today at Owens Corning," stated Mike Thaman, Owens Corning chairman and chief executive officer. "As a former colleague and personal friend, Bill will be missed for his contributions to the company, and for his generous support to our community."

Mr. Boeschenstein was at the helm as the residential roofing industry transitioned from wood-fiber shingles to the fiberglass mat shingles manufactured by OC, a revolutionary change.

In August, 1986, the Wickes Cos. Inc. attempted a hostile takeover of OC. Mr. Boeschenstein recalled in an interview with The Blade for a 2013 story that OC realized several months earlier someone was making a play on OC stock and the board voted to created a "poison pill" defense. That and the company's later restructuring by taking on $1.8 billion in new debt, the sales of several businesses, and the loss of 10,000 jobs allowed OC to survive the takeover bid.

In 1987, a year after the takeover attempt, Mr. Boeschenstein testified before Congress calling for legislation to stop what he called "sneak attacks" between the raider and the target in hostile takeovers.

"Such a philosophy clearly favors the raider, who under current rules is allowed to engage in an infinite variety of tactics and financial schemes," Mr. Boeschenstein said in an August of 1987 article.

Bill Hamilton, Owens Corning spokesman at the time, called Mr. Boeschenstein "a great leader" who was "well-loved and well-respected."

The company's efforts to better market its PINK fiberglass insulation with the iconic Pink Panther cartoon character began in 1980 under Mr. Boeschenstein's watch. In the 2013 story, he confessed to not knowing who the Pink Panther was when the company's advertising agency pushed the idea to him.

He said he later recognized that using the panther had a significant advantage over using a real person.

"He was very dedicated to the company. He cared about the company and all of the people who worked in it," his son, Stephen, said. "Dad was a man of exceptional honesty and integrity. He was looked up to by many great people for those qualities. That always made a huge impression on all of his sons."

Former Toledo mayor Carty Finkbeiner knew Mr. Boeschenstein through his father, Harold, who supported Mr. Finkbeiner when he was running for Congress in 1974. He called the elder Boeschenstein "a business and civic icon in Toledo" said the younger Boeschenstein admirably followed in his father's footsteps.

"Bill inherited the task of following his dad as CEO of Owens Corning, and holding up the tradition that his dad put into play," Mr. Finkbeiner said. "And that was that it wasn't enough to be a very successful businessman, but you also had a responsibility to help lift the community that your business was in up."

Dick Anderson, chairman emeritus of The Andersons, served on community service projects and boards with Mr. Boeschenstein, including the Toledo Symphony and United Way of Greater Toledo.

Any time Mr. Anderson was involved in charitable work, he said Mr. Boeschenstein was one of the first people he would call. The two had lunch together last month to discuss another community service project.

"Bill Boeschenstein was one great guy," Mr. Anderson said. "He was salt of the Earth."

The two men married their wives on the same day, and celebrated their anniversaries together often over the years. Mr. Boeschenstein married the former Josephine Moll on Nov. 23, 1953. She died Dec. 30, 2016.

Perrysburg resident Chris Amato can attest to Mr. Boeschenstein's philanthropy.

The two met when Mr. Amato was working as chief fund raiser for Central Catholic High School in 1992 and remained friends. He said the Boeschensteins' first donation to the school was "one of the first major gifts at that point in time."

Mr. Amato went on to work with Mr. Boeschenstein through Kids Unlimited, an after-school and summer mentoring program for inner city children.

"He was a man who was very interested in helping children who were underserved, to give them the opportunity to be successful as adults," Mr. Amato said.

The two partnered to start the Historic South Initiative, a neighborhood revitalization program Mr. Boeschenstein modeled after a successful program in Atlanta's East Lake neighborhood. The initiative weaves home rehabilitation efforts together with early childhood education and job-coaching programs to create opportunities for disadvantaged communities.

"Here's a man who spent maybe two months, three months out of the year in Toledo, but he saw this as where he wanted to leave this great legacy of revitalizing this neighborhood," said Mr. Amato, who is president of the Historic South Initiative. "He never forgot his hometown."

Mr. Boeschenstein was a past chairman of the Toledo-Lucas County Port Authority. He was appointed to the economic development agency in 1989 and elected chairman in 1991. He stepped down two years later.

In 1993, he was appointed by Gov. George Voinovich to head a 15-member commission studying Ohio's economy and tax structure. In the 1990s, he also served on the board of trustees for Mercy St. Vincent Medical Center and the organization now known as the Rutherford B. Hayes Presidential Library & Museums in Fremont.

He served on the boards of numerous companies and organizations, including Kroger Co., American Electric Power Co., FMC Corp., Toledo Museum of Art, and Edison Institute, which is the umbrella for the Henry Ford Museum and Greenfield Village.

Family friend Susan Reams described Mr. Boeschenstein's death as "a shock" because he had been in good health.

"He was such a family man ... and he did so many things for our city as well," she said. "He was such a fine leader for the city of Toledo."

Surviving are his sons William, Jr., Michael, Peter, and Stephen; sister, Nancy Boeschenstein Fessenden; brother, Harold Boeschenstein, Jr.; 10 grandchildren, and one great-grandchild.

Funeral arrangements are pending. The Aycock Funeral Homes in Stuart, Fla. is handling arrangements.

This is a news story by Blade staff writer Mark Reiter. Contact him at: markreiter@theblade.com or 419-724-6199. Blade staff writers Sarah Elms, Zack Lemon, and Vanessa McCray contributed to this story.